Mitiska forms Polish retail park JV with Karuzela

European retail park investor Mitiska REIM has announced a new joint venture with Polish asset management firm Karuzela Holding for the ownership and development of retail parks in Poland.

The deal between the firms will see Mitiska REIM’s FRI 2 fund acquire a 50% holding in two retail parks and two gallerias owned by Karuzela, with a total gross leasable area (GLA) of 35,600 m2. The parties will also co-develop four additional projects with a total GLA of approximately 60,000 m2.

'We are delighted to form this joint venture with Mitiska REIM in Poland, which brings together our local market knowledge and contacts with Mitiska REIM’s access to capital and international retailer relationships,' said Janusz Botorek, investor and co-owner of Karuzela Holding.

The two existing retail parks are located in the Polish cities of Lubliniec and Turek, and are the dominant retail schemes in each city. Retail Park Lubliniec is located on the outskirts of Lubliniec and comprises a GLA of 7,700 m2, with major tenants including Biedronka, Jysk, KIK and CCC. Retail Park Turek is a city centre site whose major tenants include Jysk, Polomarket, Deichmann and Media Expert, with a GLA of 7,600 m2.

The two gallerias, which are dominant local community shopping centres, are located in Wrzesnia and Wodzislaw, and are both the major shopping destination in their location. Galleria Wrzesnia is located in the city centre, covering 11,500 m2 GLA, and tenants include Intermarche, Dealz, Reserved and Kik. Galleria Wodzislaw is also a city centre site with tenants including Martes Sport, CCC and RTV Euro AGD, with a GLA of 8,800 m2.

The four development projects are planned in the Polish cities of Kolobrzeg, Swiebodzin, Biala Podlaska and Elk. The new joint venture will also target future new investments with a minimum area of 3,500 m2 GLA, either through the acquisition of existing properties with value-add potential or the development of new projects.

'For nearly two years we have worked with Janusz Botorek and his team as our service provider for the property management, leasing and project management of our existing portfolio of Polish retail parks,' said Sylvie Geuten-Carpentier, director of Mitiska REIM.

.This new joint venture with Karuzela Holding represents a major strategic partnership in one of our most important European markets, and increases our portfolio of retail parks in Poland to 8 existing properties and 4 new development projects representing a total of more than 110,000 m2 gross leasable area.'

In the past year, Mitiska REIM has bolstered its Polish team, with the appointment of Mateusz Szymczak as investment associate and Tomasz Wysocki as investment manager. Both Mateusz and Tomasz are based in Warsaw.

Mitiska REIM was advised by Wardynski & Partners (Michal Wons and Krzysztof Libiszewski) on the legal aspects and Deloitte on the tax and finance matters. Karuzela Holding was assisted by Grant Thornton (finance, tax and legal) and Jamorski and Partners (legal).


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