Fundraising - MARCH 11, 2016

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Mitiska holds first close for retail fund

by Andrea Waitrovich

Belgium-based Mitiska REIM has raised €124 million ($138 million) for its second European retail park fund, First Retail International 2, from both existing and new investors.

“To raise more than 60 percent of the hard cap in the first closing and having a great majority of the FRI 1 investors reinvesting in FRI 2 is a fantastic result and a strong endorsement of our performance,” said Luc Geuten, Mitiska REIM’s executive chairman, in a statement. “With more than €80 million [$89 million] of transactions in the pipeline, we are keen to conclude our fundraising so that we can focus on our extensive deal pipeline that continues to build.”

FRI 2 will invest in retail park properties in Europe according to value-add and co-development strategies, and will target an IRR of more than 10 percent. It will focus on value-add, high-yield and cash-generating assets in need of capital intensive asset management as well as selected d

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