Mitiska REIM, specialised in European convenience real estate, has announced that fundraising for its third flagship fund, Mitiska European Real Estate Partners 3 (MEREP 3), has now reached €168 million.
The company has already closed three investments since the beginning of this year, which represents a third of the capital raised so far.
“The evidence from many past economic cycles has shown that volatility and times of high market stress can create opportunities for investors with the requisite market knowledge. We think this is especially true for value-add strategies – by keeping dry powder during volatile times, we continue to find significant success in making off-market acquisitions of both properties and portfolios at attractive pricing,” said Axel Despriet, Managing Partner at Mitiska REIM.
The investments backed by MEREP 3 include the acquisition of Europa Centralna, a retail park with a gross leasable area of 67,000 sqm in Gliwice, Poland, and the joint venture with OPC to roll out retail parks in Slovakia. Furthermore, the fund has purchased self-storage facilities on the Belgian market.
“The current market conditions play to the strengths of specialized value-add investors such as Mitiska REIM, and we have built a substantial pipeline of additional investment opportunities across retail parks, urban logistics, multi-let light industrial and self-storage as we move towards further closings of the fund,” said Sylvie Geuten-Carpentier, Managing Partner at Mitiska REIM.
Over the past 10 years, Mitiska REIM has raised four funds and built a portfolio of 91 properties representing around 1.1 million sqm.