The leading specialist investor in European convenience real estate, Mitiska REIM, has announced on behalf of the FRI 2 fund the sale of a French and Portuguese retail park to Sogenial Immobilier.
This sale marks the completion of Mitiska REIM’s value-creation programs for these assets and follows similar divestments in Belgium, Portugal and Romania over the past three months which have delivered more than €500M of sales proceeds.
Under the terms of the deal, Sogenial Immobilier has acquired Retail Park Val Saint-Clair in Hérouville-Saint-Clair near Caen and Lima Retail Park located north of Porto in the city of Viana do Castelo.
Retail Park Val Saint-Clair was Mitiska REIM’s first acquisition in France in 2017, on behalf of the FRI 2 fund. Comprising 19 units with a total gross leasable area (GLA) of 17,453sq m, the retail park is food-anchored by an adjacent Carrefour shopping centre. Tenants include Electro Depot, Action, JYSK, Go Sport, KFC, Chaussea and Maxi Zoo. Over the past five years, Mitiska REIM’s value-add program has transformed the retail park by repositioning the property to become a local convenience hub and one of the most successful and sustainable retail parks in the area, receiving a “Very Good” BREEAM certification.
Lima Retail Park was acquired in 2019 and has a GLA of 10,763sq m, comprising 12 units with tenants that include Maxmat, Hôma, Sports Direct, Kiwoko and Fábrica dos Óculos. Following a rebranding and refurbishment program two years ago, the retail park has received a “Good” BREEAM certification and is now a well-diversified convenience centre fulfilling the needs of the local shoppers.
