Mitiska REIM secures €44m from Bank Pekao for Polish retail project

Convenience real estate investor Mitiska REIM has secured €44 mln in development and investment financing from Bank Pekao. 

Europa Centralna redevelopment - Mitiska REIM

This funding will support the refurbishment of Europa Centralna convenience centre in Gliwice, currently Poland's largest retail redevelopment project.

Europa Centralna, situated on a 22-hectare site, is the largest retail complex in Gliwice and its surrounding area. It boasts a gross leasable area (GLA) of 56,242 m2 and parking for 1,800 vehicles. Mitiska REIM acquired the centre for its MEREP 3 fund in March 2023, with the European Bank for Reconstruction and Development (EBRD) later joining the investment through a co-investment fund.

The credit facility from Bank Pekao will fund the transformation of Europa Centralna into a premier destination for retail, entertainment, and leisure for both Gliwice and the Upper Silesia region. Construction has already begun, with JB Development handling the commercialization of the project.

The redevelopment is expected to be completed by mid-2027, coinciding with the opening of a new Theme Park by Momentum Leisure on an adjacent plot. Europa Centralna will remain open to shoppers throughout the renovation period.

Mateusz Szymczak, Mitiska REIM’s investment director for Poland, commented: “We are very happy to achieve a further important milestone in the redevelopment of the Europa Centralna project. Mitiska REIM has extensive experience in large-scale retail transformations, and we see a huge opportunity to transform Europa Centralna through a compelling mix of shopping, entertainment and leisure, all in one destination.”

Grzegorz Trawiński, head of Debt Financing Poland at Mitiska REIM, adds: “We are delighted to partner with Bank Pekao for this very exciting project, and are grateful for their support, professionalism and depth of expertise throughout the process.  As a result of this financing, we are able to unlock the full potential and value of Europa Centralna via this redevelopment.”

Maciej Misiejuk, director of SME Investment Project Finance Office at Bank Pekao, commented: “Given the high level of professionalism demonstrated by the Mitiska REIM team, as well as our very positive track record of cooperation to date, I am confident that this will be another successful and valuable investment. We are pleased to support the transformation of Europa Centralna and to contribute jointly to unlocking the full potential of this project.”

Mitiska REIM was advised in the financing agreement by A&O Shearman, and Bank Pekao by CMS Cameron McKenna.