Belgium’s real estate group Mitiska contemplates its exit from RO market

The real estate group Mitiska, controlled by the Belgian millionaire Luc Geuten, is analyzing the possibility of selling the properties accumulated on the Romanian market, or about 16% of its European portfolio, according to sources from the local real estate market consulted by Profit.ro.

Mitiska’s portfolio consists of 24 commercial parks with a gross leasable area of ​​132,000 square meters.

Recently, Square 7 Properties, which develops and manages Mitiska properties in Romania and is also a co-investor, announced that it would develop more than 50,000 square meters by the end of 2023 and will reach 26 retail parks, in 25 cities in Romania, with a total leasable area of ​​about 142,000 square meters.

Mitiska has made investments in Romania through two funds. The fund FRI, launched in 2012, is reaching maturity this year. This fund raised EUR 75.2 mln - invested, in equal shares, in Western Europe and Central and Eastern Europe.

The fund FRI 2, launched in 2016, will reach maturity in 2028. This fund raised EUR 263.3 mln from investors, with the same geographical distribution of investments as in the case of FRI.

"Our investment strategy is to withdraw from investments after the end of our development and/or value-added program, so we are continually in talks with investors in all of our European markets who may be interested in buying our retail parks, who are looking for assets with attractive and stable returns, with strong foundations," Tomas Cifra, Managing Director of CEE, Mitiska REIM, told Profit.ro.

(Photo: Francesco Scatena / Dreamstime)