Mitiska REIM has announced the sale of Retail Park Strakonicka in the Czech city of Ceske Budejovice to Fio Real Estate Fund.
Originally acquired in December 2022 on behalf of the FRI 2 fund in partnership with Asset Services, the value-add project involved the repurposing of an existing Albert hypermarket and the construction of an extension to create a modern grocery-anchored retail park, which opened in November 2023.
Located on a main road in the city of Ceske Budejovice in Southern Bohemia, the retail park has a gross leasable area of 10,900 square meters, comprising 13 retail units and parking for nearly 300 cars. Anchored by an Albert supermarket, other tenants include Action, TEDi, DM Drogerie Markt, KIK Textil, GATE, PLANEO, BOELS, and Dr. Max.
Fio Real Estate Fund is part of Fio banka – a Czech bank combining a low-cost internet banking model with a nationwide branch network. It provides a wide range of products for personal and corporate finance, as well as proprietary applications for online investing.
“We continue to see a solid pipeline of opportunities both in the Czech Republic and across our European markets to repurpose existing buildings and redevelop them to create modern, successful, and sustainable retail parks and convenience centers,” commented Mitiska REIM Managing Director for Romania, the Czech Republic, Slovakia, and Bulgaria Tomas Cifra. “Retail Park Strakonicka is a strong example of this value-add approach, with the retail park now being successfully divested following the completion of our redevelopment and asset management programs.”
Mitiska REIM was advised on the transaction by Kinstellar, CBRE, and Moore Czech Republic.
Image source: mitiska-reim.com