Mitiska REIM expands partnership with Karuzela Holding in Poland

Featuring 28 units with a gross leasable area (GLA) of 17,700 sq m and parking for 860 cars, the new Biala Podlaska development has become the dominant retail scheme in the city of 55,000 inhabitants. Located on a highly visible site on a main artery road and close to residential areas, the retail park is easily accessible by car, public transport, bicycle and by foot.

Food anchored by a Lidl supermarket, the retail park is 100% let to a high-quality tenant mix which includes Reserved, Action, Kik, Tedi, Media Expert, Dealz, Pepco, New Yorker and Sinsay. Also opened on site as a retail anchor is an owner-occupied Agata Meble furniture store with a GLA of 7,000 sq m and a 3,300 sq m Bricomarche DIY is planned to open at the end of this year. These together will bring the total GLA of the retail destination to 28,000 sq m. In terms of sustainability, the new retail park is designed to achieve a “Very Good” score on the BREEAM scale.

Grzegorz Pekalski, Member of the Board of Karuzela Holding, comments: “For this new Karuzela retail development, we saw an opportunity to acquire an urban infill location in an off-market transaction and, by arranging the required permitting for the site, to develop a modern, sustainable and convenient retail destination for the city.”

Radoslaw Misko, Senior Investment Associate at Mitiska REIM, adds: “These urban infill locations are an opportunity that we look for in Poland, where we can become the most important modern convenience retail destination in the city. As consumers trade down, stay local and continue to require essential goods such as groceries, we expect food-anchored retail parks and convenience centers will be key beneficiaries of these spending trends and remain a top choice for retailers, shoppers and investors.”