Property developer Mitiska REIM has opened a new retail park in Baia Mare and inaugurated an extension of another retail project in Mediaș. The development activity was carried out in partnership with Square 7 Properties.
The Baia Mare-based project has a gross leasable area of 8,200 sqm and includes various retail brands and Lidl as food-anchor. Meanwhile, the retail park in Mediaș was extended by 1,000 sqm and reached a leasable area of 9,000 sqm.
Following the latest investments, Mitiska REIM’s local portfolio totals 24 retail. The company aims to obtain BREEAM ratings for all its Romanian projects by 2022.
“We believe the targeted locations, diversified tenant mix and sustainable approach, in combination with the positive socio-economic trends in Romania, will continue to drive future growth opportunities across the portfolio,” said Tomas Cifra, Mitiska REIM’s Investment Director for Central and Eastern Europe.
The developments in Baia Mare and Mediaș were backed by a senior debt facility arranged with Erste in March 2020 for the entire Romanian portfolio. Mitiska REIM says it has secured a pipeline of three additional retail park opportunities in Romania for 2022.