Cushman & Wakefield Echinox advised Mitiska REIM to sell a property in Braşov to French DIY retailer Leroy Merlin, which continues its expansion plans on the local market.
Mitiska, a Belgian investor specialized in the development and management of retail parks, has 21 operational projects on the local market. The property in Brașov, which was occupied by a Praktiker store, consists of a building of about 7,500 square meters and a land plot of approximately 2 hectares and does not represent an essential asset in the company's portfolio.
With a network of 18 stores, Leroy Merlin is one of the largest and most dynamic players in the local DIY market. The retailer is present in Brașov through a store located in the northern part of the city, and by opening the second store in the newly acquired property, Leroy Merlin will be able to serve its clients more easily in the southern part of the city, as well as those from the Valea Prahovei cities.
“We are glad that we were able to assist the seller complete this transaction in a period with many challenges for the real estate market. This transaction proves that the real estate market is still active and there is a high interest from investors to consolidate their asset portfolio in Romania,” Alecsandra Atanasiu, Transaction Support Land & Industrial, Cushman & Wakefield Echinox said.
This transaction represents the third major sale mandate completed by Cushman & Wakefield Echinox during the pandemic, the company, therefore, covering all three major real estate market segments: industrial (the Equest Logistics Center sale), offices (Floreasca Park sale) and retail (Praktiker Brașov).
