Mitiska REIM sells 25 Romanian retail parks to LCP for €219m

Mitiska REIM has completed the sale of 25 retail parks in Romania to LCP Group for €219 million ($236 million).

The sale is one of the largest retail real estate transactions in Romania and more than doubles the original investment over an average holding period of five years for investors in the FRI and FRI 2 funds which owned the assets.

Representing a total gross leasable area of 132,000 square meters (1.4 million square feet), the portfolio of 25 retail parks was developed, built and managed by Mitiska REIM in partnership with its Romanian country partner Square 7 Properties over the past 10 years. All retail parks in the portfolio are food-anchored by either a Kaufland or Lidl supermarket, or a combination of both, with other tenants including leading international brands such as Deichmann, DM, Pepco, Jysk, KFC, Kik and Takko. In terms of sustainability, the entire portfolio has been awarded “Very Good” BREEAM certifications for Asset Performance.

The