Six months after entering the German market, Mitiska Reim is announcing the acquisition of a third German retail park. The Belgian retail investor has partnered with Zamberk Real Estate Ventures to renovate and manage a retail park in Braunschweig.
Third German retail park
Mitiska Reim is expanding its portfolio of German retail parks with a third acquisition, barely six months upon making its first mark in the country. Joining forces with Zamberk Real Estate Ventures (ZREV), the Belgian specialist investor in European retail parks, is investing in the value-enhancing renovation of a retail park in the central German city of Braunschweig.
The Braunschweig retail park benefits from a favourable location in the city’s dominant retail agglomeration and offers 8,000m² of gross leasable space. The seven units are currently occupied by such tenants as Multipolster (furniture), Fressnapf (pet supplies) and Polo (motorcycle equipment). Parking is available for up to 180 cars. ZREV will take a minority share in the retail park, which will be renovated in the coming months with the aim of enhancing its existing value.
With this acquisition, which follows earlier acquisitions in Mönchengladbach and Freiburg, Mitiska Reim and partner ZREV hope to further consolidate their position in the mature retail park market of Germany. Last year, the retail investor also entered the French market and acquired an impressive 13 retail parks in Romania alone.