The fund will be used for developments in Western Europe and acquisitions in Central and Eastern Europe, the investment fund being focused on retail park types of developments a sector that “proved to be stable and liquid even if in this volatile period”, as the company’s officials have said.
At the completion of the investments, the estimated portfolio will have a value of EUR 100,000, distributed in 15 projects with an area of 90,000 sqm.
Approx 40% of the portfolio is represented by completed projects, the company having already bought a half of 8 retail parks in Romania.
Belgium’s company Mitiska, has bought in November last year through First Retail International 50% of the retail parks portfolio of InterCora in Romania.
The eight retail parks, with anchors such as Lidl or Kaufland, have an area of 32,000 sqm and an occupancy rate of nearly 100% and are situated in Bucharest (Mihai Bravu), Arad, Buzau, Medias, Ploiesti, Resita, Sibiu, Slobozia.
Apart from the acquisition, the company also closed a partnership with Alpha Property Development, the development branch of InterCora, with the purpose of a future extension on the local market. (source: wall-street.ro)