Mitiska REIM, the leading specialist investor in European convenience real estate, has secured a EUR 50 million from the European Bank of Reconstruction and Development for co-investment with the Mitiska European Real Estate Partners 3 value-add fund. Along with other investments, this brings the total funds raised so far by MEREP 3 to EUR 290 million.
MEREP 3 is the third flagship fund from Mitiska REIM and focuses on the accelerating opportunity in convenience real estate across Europe, targeting food-anchored retail parks and multi-let light industrial, self-storage, and urban-logistics projects. According to Mitiska REIM, “MEREP 3 aims to capitalize on the increasing demand from a growing range of end users for urban infill sites that offer accessible locations, affordable buildings, flexible design, and sustainable solutions.”
EBRD will co-invest with MEREP 3 via a Belgian “private privak” investment vehicle, the EBRD CIV Fund, which will target investments in CEE, with Mitiska REIM acting as the discretionary manager of the fund.
According to Mitiska REIM, “MEREP 3’s investment strategy focuses on light to heavy value-add investments including repositioning, reconfiguring, and retrofitting existing properties and risk-mitigated development projects. This latest fund builds on the strong track record and performance delivered by the preceding funds, which have delivered attractive returns to investors over a range of different economic conditions.”
The fund has already committed EUR 110 million to a portfolio of convenience real estate investments, with an additional pipeline currently under due diligence and negotiation. A final closing of the fund is planned for the first quarter of 2025.
“We are delighted to have EBRD as a co-investor alongside MEREP 3 and for supporting the growing investment opportunity we see in convenience real estate,” commented Mitiska REIM Managing Partner Sylvie Geuten-Carpentier. “As we move towards a final closing of the fund in the first quarter of this year, we are well on track to surpassing our original fundraising target of EUR 300 million.”
“Throughout 2024, we have seen increasing tailwinds in support of convenience real estate due to resilient fundamentals and strong occupier demand,” added Mitiska REIM Managing Partner Axel Despriet. “We believe that this year and next could become an exceptional vintage and that the track record, liquidity, and specialist know-how of Mitiska REIM makes us well-placed to capitalize on this opportunity.”
“We are thrilled to partner with Mitiska REIM to support the growth of green and sustainable commercial real estate assets across CEE markets,” noted Vlaho Kojakovic, Director of Real Estate at EBRD. “Mitiska REIM’s expertise and proven track record make them an ideal partner in driving forward these initiatives, ensuring long-term value creation for all stakeholders involved.”
