Mitiska REIM adds retail centre to Slovakian portfolio

Belgium-based convenience real estate investor Mitiska REIM has purchased OC Cassovia, a retail park anchored by a grocery store in Košice, Slovakia, for an undisclosed price.

OC Cassovia

The deal was conducted through its MEREP 3 fund and in collaboration with local partner Asset Services and the EBRD.
This acquisition is Mitiska REIM's ninth investment in Slovakia in two years.
The retail park opened in August 2001, and an extensive reconstruction in 2007 expanded the shopping area.
OC Cassovia consists of over 70 stores with a gross leasable area of 22,950 m2 and parking for 1,200 cars. Key tenants include Lidl, Sinsay, Pepco, Intersport, and Jysk. The retail park is a popular shopping destination in eastern Slovakia, with other retailers like Asko, Möbelix, Decathlon, Siko, and Decodom also located in the vicinity.
Mitiska REIM intends to upgrade the centre, including modernizing the layout, attracting new tenants, and significantly improving its environmental performance with initiatives like solar panels, aiming for BREEAM certification.
Tomas Cifra, Mitiska REIM's managing director for Romania, Czech Republic, Slovakia and Bulgaria, commented: “OC Cassovia is a good example of the type of value-add investment we look for – it has a strong and proven location, good tenant mix and solid trading history, but requires hands-on asset management and investment to transform it into a modern and sustainable retail centre, making it attractive to institutional investors looking for core assets".
Kinstellar, ASB, and Grinity advised Mitiska REIM, while financing was provided by Slovenská sporiteľňa, part of Erste Group.