Israel's Big buys Belgrade's largest retail park

Israeli-headquartered Big Group has acquired Capitol Park Rakovica, the largest retail park in Belgrade, Serbia, from Mitiska Reim and Poseidon Group.

Financial details were not disclosed.

The asset represents the redevelopment of a disused brownfield factory site, and opened in October 2017 with a gross leasable area (GLA) of 19,700 m2. A second phase development in 2018 further broadened the retail mix and extended the park to over 22,000 m2 GLA, while a third phase brought the asset to over 25,000 m2 as November 2019.

Capitol Park Rakovica comprises 30 shops and parking for more than 700 cars. It was developed by Mitiska on behalf of the First Retail International Fund (FRI) and co-investment partner Poseidon Group.

Mitiska co-CEO Axel Despriet said: 'The development and sale of Capitol Park Rakovica is a classic example of Mitiska Reim’s value-add and investment approach, converting an abandoned industrial facility and site into a retail park of the highest international standard, and delivering significant value to the city district of Rakovica, its inhabitants and all stakeholders involved.'

Poseidon Group COO, James Gunn, added: 'We thank local residents in Rakovica for making Capitol Park become an entertainment and shopping location of choice in Belgrade. Poseidon and Mitiska Reim look forward to watching the future success of the scheme in the years ahead.'

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