Mitiska REIM has acquired OC Cassovia, a grocery-anchored retail center in Kosice, the second-largest city in Slovakia.
Acquired on behalf of the MEREP 3 fund in partnership with local partner Asset Services, alongside co-investment from the European Bank for Reconstruction and Development, this latest investment is the ninth by Mitiska REIM on behalf of funds in Slovakia over the past two years.
OC Cassovia consists of more than 70 retail units with 22,950 square meters of gross leasable area, and parking for 1,200 cars. It is grocery-anchored by a Lidl supermarket, and other tenants include international retailers Kik, Sinsay, Pepco, Interspor, and Jysk, alongside local brands Form Factory Fitness, Benu Pharmacy, Gate, 101 Drogerie, and Kinekus.
The center is located in an established retail area in the south of Kosice, close to the city bypass road.
Mitiska REIM plans to renovate the asset to optimize the layout and unit sizes and bring in new international tenants. As part of this plan, Mitiska REIM has announced that it will significantly invest in and enhance the ESG credentials of the retail center, installing new heating and cooling systems as well as solar panels on the roof area, to achieve a high-level BREEAM certification.
“OC Cassovia is a good example of the type of value-add investment we look for,” said Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia, and Bulgaria. “It has a strong and proven location, good tenant mix and solid trading history, but requires hands-on asset management and investment to transform it into a modern and sustainable retail center, making it attractive to institutional investors looking for core assets.”
Mitiska REIM was advised by Kinstellar, ASB, and Grinity, with Slovenska Sporitena (part of Erste Group) acting as the financing partner.