Mitiska REIM has successfully closed its Merep 3 fund, exceeding its initial target by raising €310 million, which will give it a total investment power of up to €1 billion.
The new fund will focus on investments across various sectors, including food-anchored retail parks, multi-let light industrial, self storage, and urban logistics projects.
A diverse range of institutional investors, such as pension funds, insurance companies, family offices, and banks, have contributed to new fund. Notably, the EBRD made a co-investment of €50 million alongside Merep 3.
The fund's strategy will primarily involve light to heavy value-add investments, encompassing repositioning, reconfiguring, and retrofitting existing properties, along with risk-mitigated development projects.
With a total investment capacity of up to €1 billion, including debt financing, the new fund is poised to capitalize on the anticipated recovery in European real estate markets.
Mitiska REIM's Managing Partner, Axel Despriet, said, "As we look to the coming year, we believe that a window of opportunity is clearly opening up, providing an attractive entry point for specialized value-add investors like Mitiska REIM to capture a recovery in real estate markets across Europe."
He added that Mitiska believes in the strong position of convenience real estate, particularly for investments that require capex and hands-on asset management.
Having already deployed €107 million (35% of its capital) across eight diverse convenience real estate assets, the fund boasts a robust pipeline of potential investments currently undergoing due diligence.
