Belgian real estate fund Mitiska has bought two retail parks in Poland, in Andrychów and Stalowa Wola. With the support of a local partner, the investor wants to own some fifteen parks within the next five years.
International retail park portfolio
The Stalowa Wola retail park opened three years ago and has 2,700 sqm of retail space, while the Andrychów park opened in 2008 and has 1,300 sqm of retail space. Current occupants in the retail parks are Jysk, Pepco, Takko, Deichmann, Empik, RTV euro AGD, Rossman and Textil Market.
The former owner, P.A. Nova, received 17.22 million zloty (some 4 million euro) for both parks, while Mitiska also has an option to buy another P.A. Nova Park, in Mysków.
Up until 2009, Mitiska managed a retail portfolio for the chains it used to own (Brantano, Carpetland, Mondial Moquette). Ever since it was taken off the stock exchange, it has changed focus to other retail projects. It now manages the First Retail International fund, controlling 200 million euro and investing in European retail parks. Whenever it invests abroad, it collaborates with local partners, like Peppercorn in Poland, Poseidon in Serbia and Alpha Property Development in Romania.