Mitiska REIM, a Brussels-based real estate investment management company, has announced the final closing of its First Retail International (FRI) club deal with total equity of 鈧�75 mln.
Mitiska REIM, a Brussels-based real estate investment management company, has announced the final closing of its First Retail International (FRI) club deal with total equity of 鈧�75 mln.
In a statement, Mitiska said it has raised the funds from a diverse investor base including pension funds, insurance companies, family offices and high net worth individuals.
FRI has acquired a portfolio consisting of 15 projects with a total of 90,000 m2. These include the Parc Commercial Les Dauphins retail park development scheme in Mouscron, Belgium which opened in March 2013, as well as the eight InterCora retail parks spread across Romania.
The combined investment value amounts to 鈧�100 mln.
With leverage, FRI has the firepower to invest up to 鈧�200 mln in value-added and opportunistic real estate opportunities across the European retail warehouse sector.
FRI focuses on retail warehouse properties, both clustered standalone units and integrated retail parks, where value can be created through repositioning assets.
FR, headed by Alfred Bouckaert, ex-CEO AXA Northern Europe and current Chairman of Belfius Bank, is structured as a closed-end club deal with an eight year life.
'We are delighted to have funds available that enable us to capitalise on the attractive investment opportunities that we are seeing in our target markets as a result of the slow economy, soft market conditions and low interest rates,' said Axel Despriet, CEO, Mitiska REIM.
