Pan-European commercial property collective, M Core, has officially launched into the Romanian market with its largest deal to date – an investment nearing €219M consisting of 25 managed assets.
The deal, which was completed on 6 December, sees M Core purchase a 132,000sq m retail portfolio from Mitiska REIM, positioning the collective as the largest property owner in the Romanian retail park market. M Core was advised on this transaction by real estate consultancy company iO Partners.
M Core’s Romanian portfolio acquisition is located across 24 cities, spanning across the country from Arad in the west of Romania to Iași in the east, as well as the country’s capital, Bucharest. The 25 retail centres offer a varied tenant mix including large global brands such as Deichmann, Pepco, KFC, Lidl and H&M.
Notable retail parks in the Romanian portfolio include Shopping Park Pipera Plaza, which houses a gross leasable area of 11,000sq m, across 35 units including tenants such as Starbucks, JYSK and national service providers. Shopping Park Medias also forms part of the portfolio with a gross leasable area of 9,089sq m, including 16 units largely centred around European supermarket chain, Kaufland.
M Core’s launch into Romania is the next step in the property collective’s expansion vision. The venture is led by M Core Co-CEOs of Romania, Sebastian MacDonald-Hall and James Fife. With the recent acquisition, Sebastian MacDonald-Hall emphasises that M Core is poised to initiate a strong presence in the territory, aligning with the collective’s commitment to strategic growth. As such, M Core intends to bolster the Romanian portfolio through continued investment, mirroring the successful approach taken in the UK, France, Poland and Germany.
