Mitiska REIM has completed the sale of an asset in Spain
Belgian investment company Mitiska REIM has announced the sale of the Portal Mediterraneo retail park in Spain. The buyer was Gestor Real Estates, a Hungarian real estate investment company. Savills and Danubio Homes acted as advisors on the transaction.
Portal Mediterraneo had been under Mitiska’s management since 2016. The investment company acquired the park through its FRI fund but has now decided to sell. The deal is part of the company’s overall strategy to increase the value of its assets. In the last nine months, the company has sold 38 retail parks on behalf of funds, generating proceeds of €500 million for the funds.
Site advantages
Portal Mediterraneo is close to the Carrefour hypermarket, and the properties share an ordinary car park. The car park is also an attractive asset because of its location. It is on the main road in the southern part of the town of Vinarose. On the site, there are:
– thirteen retail outlets occupying a total area of 11.5 thousand square metres;
– various global brands, including Jysk, Sprinter, Pepco and Kiwoko, represent the tenants.
Since acquiring the park, Mitiska has carried out extensive upgrades to the facility. In the words of company spokesperson Anna Panos, the programme has aimed to increase the value of the asset. The changes have affected not only the appearance of the park but also its image. As a result, the following elements have been improved:
– signage and facades have been updated;
– LED lighting was installed;
– energy efficiency systems were introduced to reduce electricity consumption;
– the company revised tenancy agreements to make them more attractive.
These and other changes have helped to increase the site’s attractiveness. The park has become a popular shopping destination for residents of the city and the surrounding area.
A successful transaction for both Mitiska REIM and buyer
Mitiska manager Jan Dubois noted the transaction’s success. It shows once again the growing demand for commercial property. And investors are interested in quality assets not only in Spain but throughout Europe.
The sale of Portal Mediterraneo is one of the stages in launching a new fund, MEREP 3. At the same time, Mitiska is continuing to focus on the commercial property market. It is actively developing retail parks, industrial properties, and logistics properties with the aim of reselling them at a high price.
The buyer, Gestor Real Estate, also commented on the transaction. Its representative, Andras Gere, highlighted the purchase’s advantages. The company has acquired a first-class retail park with popular tenants. The asset fully meets Gestor’s requirements and fits perfectly into its investment portfolio. The deal has allowed the company to expand its presence in the Spanish market, which has excellent potential.