Mitiska REIM has sold five Belgian and five Portuguese retail parks to First Retail Partners, a newly established fund backed by Partners Group, acting on behalf of its clients.
These retail park assets were originally developed or acquired on behalf of the FRI and FRI 2 funds. This sale marks the successful completion of Mitiska REIM’s development and initial value-creation programs for these assets.
The new First Retail Partners fund has a gross asset value of around €280 million ($307 million) and will be managed by Mitiska REIM and backed by Partners Group.
The five Belgian retail parks are recent development projects undertaken by Mitiska REIM and represent a total gross leasable area (GLA) of 77,500 square meters (834,200 square feet). The portfolio includes the retail park Malinas in Mechelen, which when opened became the most sustainable retail park in Belgium, in addition to Ninouter in Ninove, Parc de l’Europe in Wavre, La Couvinoise in Couvin an
