Retail Park Mlyn in Wroclaw. Credit: Mitiska REIM

Mitiska REIM sells Polish retail park to AB Tewox

Mitiska REIM has completed the sale of Retail Park Mlyn in Wroclaw to AB Tewox. The retail park was originally acquired in July 2015 on behalf of the First Retail International fund (FRI).

Located in the city of Wroclaw in Southwestern Poland, Retail Park Mlyn is a retail location with a gross leasable area of 10,567 sq m and offers free parking for 250 cars. The site is anchored by a Lidl supermarket, with other tenants including a mix of convenience brands such as Media Expert, KiK, TK Maxx, Deichmann, and Sports Direct.

In 2020, the retail park was successfully refinanced through an agreement with mBank and, in line with the company’s wider ESG and sustainability initiatives, it was awarded a ‘Good’ score on the BREEAM In Use scale in 2021.

Mitiska REIM first entered the Polish market in 2014 and, following a joint venture agreement with Karuzela Holding in December 2018, has an expanded portfolio of five convenience retail schemes and eight development projects – with a combined GLA of approximatively 160,000 sq m. This year, three new convenience retail developments will be completed, located in the Polish cities of Pulawy, Wagrowiec and Kolobrzeg.

Radoslaw Misko, Mitiska REIM’s Senior Investment Associate for Poland, comments: “The interest we have received from the potential buyers for Retail Park Mlyn demonstrates the strong market demand for high-quality retail park properties and the ongoing attractiveness of this asset class in Poland.”

Sylvie Geuten-Carpentier, Managing Partner at Mitiska REIM, comments: “Looking ahead, we have a solid pipeline of convenience real estate investment opportunities in joint venture with local operating partners. These include retail parks, urban logistics and multi-let light industrial projects, with a focus on urban infill locations that benefit from the structural trends in urbanisation and e-commerce growth.”

Efim Hiterer, Investment Company Manager at AB Tewox, comments: “Today, based on the experience we gained while working in the Baltic States, Poland is a natural destination for business development. Our aim is to continue expanding the portfolio of managed properties in the retail segment throughout the Polish market.”

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