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Mitiska REIM buys Blackstone retail park portfolio in Portugal
27 January 2020 | Ana Tavares

Mitiska REIM, the leading specialist investor in convenience-based retail parks in Europe, has today announced the completion 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.

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According to newspeper Eco, Mitiska REIM paid around 40 million euros for this portfolio.

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

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

Alfonso Cuesta, Mitiska REIM’s Investment Director for Spain and Portugal, comments: «Over the last three years we have successfully built a strong Portuguese retail park platform across the country, with more than 135,000m² 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». 

Enzo Guidez, Senior Investment Associate at Mitiska REIM, comments: «In addition to the acquisitions already completed in Portugal, we will continue investing in the domestic economy. This will be done through developments which are already in the pipeline, through improvements and refurbishments of our existing retail parks, or simply through new investments. In addition to the ambitious value-add plans we already have in mind for our Portuguese portfolio, we continue to actively look out for potential new opportunities to collaborate with experienced local partners as co-investors». 

Axel Despriet, Co-CEO of Mitiska REIM, comments: «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». 

Cushman & Wakefield acted on behalf of Blackstone in this operation. David Lopes, partner, at the consultant’s Capital Markets department, mentioned that «we are very happy for having participated in the transaction of this portfolio, which reinforces the foreign investors’ confidence in the Portuguese retail park segment. The occupational market’s positive moment was decisive to capture the investors’ interest».

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

 

Source: Mitiska REIM