The leading specialist investor in European convenience real estate, Mitiska REIM, has announced the sale of Portal Mediterraneo retail park to Gestor Real Estates, a Hungarian privately-owned real estate investment and asset management firm.
Located in the Spanish city of Vinaros, Portal Mediterraneo was originally acquired by Mitiska REIM on behalf of the FRI 2 fund in 2016. In line with recent divestments, this sale marks the completion of Mitiska REIM’s value-add program for the asset and is the 38th successful retail park sale by Mitiska REIM on behalf of funds over the past nine months, which have delivered in excess of €500M of sales proceeds and material distributions to the investors in the funds.
Portal Mediterraneo retail park is situated adjacent to a Carrefour hypermarket, with shared parking, on a site conveniently located on a main road in the south of the city. Featuring 13 retail units with a gross leasable area (GLA) of 11,500sq m, tenants comprise a mix of national and international brands which include Jysk, Pepco, Media Markt, Sprinter and Kiwoko.
Jan Du Bois, Mitiska REIM’s Managing Director for Belgium, Spain and Portugal, said: “This transaction is more proof of the strong market demand for high-quality convenience real estate assets across Europe. As we progress with fundraising and deploying capital for our latest fund, MEREP 3, we are continuing to see attractive value-add and development opportunities across retail parks, multi-let light industrial, self-storage and urban logistics.”
András Gerő, Managing Partner and CEO of Gestor Real Estate, said: “Acquiring Portal Mediterraneo, a prime retail park with a robust tenant mix and a strategic location on the Spanish east coast, perfectly aligns with our strategy of expanding our activity on the Iberian Peninsula, reinforcing our presence in our key market in Spain.
