Mitiska REIM forms strategic joint venture partnership with Karuzela Holding in Poland

Mitiska REIM, the leading specialist investor in European retail parks, has announced a major new strategic partnership with Karuzela Holding. Under the terms of the agreement, Mitiska REIM and Karuzela will form a joint venture in Poland, and Mitiska REIM’s FRI 2 fund will acquire a 50% holding in 2 retail parks and 2 gallerias owned by Karuzela, with a total gross leasable area (GLA) of ​35,600 sq m, and both parties will co-develop 4 additional projects with a total GLA of approximately 60,000 sq m.

The 2 retail parks are located in the Polish cities of Lubliniec and Turek, and are the dominant retail schemes in each city. Retail Park Lubliniec is located on the outskirts of Lubliniec and comprises a GLA of 7,700 sq m, with major tenants including Biedronka, Jysk, KIK and CCC. Retail Park Turek is a city centre site whose major tenants include Jysk, Polomarket, Deichmann and Media Expert, with a GLA of 7,600 sq m.

The 2 gallerias, which are dominant local community shopping centres, are located in Września and Wodzisław, and are both the major shopping destination in their location. Galleria Września is located in the city centre, covering 11,500 sq m GLA, and tenants include Intermarche, Dealz, Reserved and Kik. Galleria Wodzisław is also a city centre site with tenants including Martes Sport, CCC and RTV Euro AGD, with a GLA of 8,800 sq m.

The 4 development projects are planned in the Polish cities of Kołobrzeg, Świebodzin, Biała Podlaska and Elk. ​The new joint venture between Mitiska REIM and Karuzela will also target future new investments with a minimum area of 3,500 sq m GLA, either through the acquisition of existing properties with value-add potential or the development of new projects.

Janusz Botorek, investor and co-owner of Karuzela Holding, comments: “We are delighted to form this joint venture with Mitiska REIM in Poland, which brings together our local market knowledge and contacts with Mitiska REIM’s access to capital and international retailer relationships.”

Sylvie Geuten-Carpentier, Director of Mitiska REIM, comments: “For nearly two years we have worked with Janusz Botorek and his team as our service provider for the property management, leasing and project management of our existing portfolio of Polish retail parks. This new joint venture with Karuzela Holding represents a major strategic partnership in one of our most important European markets, and increases our portfolio of retail parks in Poland to 8 existing properties and 4 new development projects representing a total of more than 110,000 sq m gross leasable area.”

In the past year, Mitiska REIM has bolstered its Polish team, with the appointment of Mateusz Szymczak as Investment Associate and Tomasz Wysocki as Investment Manager. Both Mateusz and Tomasz are based in Warsaw.

In this transaction, Mitiska REIM was advised by Wardynski & Partners (Michal Wons and Krzysztof Libiszewski) on the legal aspects and Deloitte on the tax and finance matters. Karuzela Holding was assisted by Grant Thornton (finance, tax and legal) and Jamorski and Partners (legal).