Mitiska REIM, the specialist investor in European convenience real estate, has sold Retail Park Strakonická in České Budějovice to Fio Real Estate Fund for €22.2 million.
Originally acquired in December 2022 on behalf of the FRI 2 fund in partnership with Asset Services, this value-add project involved repurposing an existing Albert hypermarket and constructing an extension to create a modern grocery-anchored retail park, which opened in November 2023.
The retail park has a gross leasable area of 10,900 sqm, comprising 13 retail units and parking for nearly 300 cars. The project has received the BREEAM Excellent certification, with LED lighting installed throughout the centre and solar panels planned for installation on the roof area during the next year.
David Tejml of Asset Services said: "We early on recognised the redevelopment potential of this former hypermarket site, which enjoys a key location within the city. Since opening two years ago, Retail Park Strakonická has become a go-to shopping destination for both people in the city and the wider catchment area."
Tomas Cifra, Mitiska REIM's Managing Director for Romania, Czech Republic, Slovakia and Bulgaria, added: "We continue to see a pipeline of opportunities both in the Czech Republic and across our European markets to repurpose existing buildings and redevelop them to create modern, sustainable retail parks and convenience centres. Retail Park Strakonická is an example of this value-add approach, with the retail park now being divested on the completion of our redevelopment and asset management programmes."
”With the aim of strengthening the diversification of our real estate portfolio, this fourth acquisition systematically follows previous successful acquisitions – the Rohan Business Centre office building, the Fio Industrial Park Chomutov industrial site, and the iconic Stará Celnice building in central Prague," commented Václav Kubáček, Director of Fio realitní fond.
Mitiska REIM was advised on the transaction by Kinstellar, CBRE and Moore Czech Republic.
