Mitiska buys Blackstone retail park portfolio in Portugal

Mitiska Reim, a specialist investor in convenience-based retail parks in Europe, has completed of one of the largest ever retail park transactions in Portugal with the acquisition of a portfolio of four Portuguese retail parks previously owned by Blackstone and managed by Multi Portugal.

Financial details were not disclosed. However, local press reports put the deal value at around €40 mln.

Located in the central and northern regions of the country, the four retail parks represent a gross leasable area (GLA) of around 78,500 m2 and increases Mitiska total portfolio in Portugal to six operating retail parks totalling a GLA of around 116,100 m2 and one development project.

The properties were acquired by Mitiska on behalf of the First Retail International 2 Fund (FRI 2) and are located in Alverca, Santarém, Aveiro and Viana do Castelo. FRI 2 raised domestic bank finance from Novo Banco to complete the acquisition of these parks.

Alfonso Cuesta, Mitiska's investment director for Spain and Portugal, said: 'Over the last three years we have successfully built a strong Portuguese retail park platform across the country, with more than 135,000 m2 of GLA under ownership and development. This latest acquisition, one of the largest ever in Portugal, consolidates Mitiska Reim’s leading position in the market and reflects our confidence in the Portuguese economy, particularly in the retail park sector.'

Axel Despriet, Mitiska's Co-CEO, added: 'The acquisition of this portfolio is a significant step forward for Mitiska Reim in growing our scale and presence in Portugal. As the Portuguese economy continues to pick up and customer spending increases, new retail brands are entering the country.

'Our specialisation in the retail park and convenience centre market, combined with our strong relationships with both local and international retail brands, makes us well placed to capitalise on this opportunity.'

Mitiska was advised by RPE, RRP Advogados, PwC, Gleeds and Ambiente.

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