PeliFilip provided legal assistance to the Belgian real estate investment and fund management firm Mitiska REIM in the process of acquiring 11 revenue generating parks from Alpha Property Development. The existing properties are all multi-tenants and anchored either by Lidl and / or Kaufland. The portfolio includes a total gross rental area of ​​55,000 m² and is leased entirely to strong local and international brands such as Deichmann, Takko and Pepco.

"The real estate sector is one of the areas where PeliFilip has been very active in recent years, participating in many of the largest transactions on the local market (including the Sibiu transaction over 100 million last year). This dynamics of the real estate sector will continue this year, both in the retail sector and in the office and logistics segments. In some of these projects we are already involved and hope to materialize in the near future, "said Oana Badărau, Partner And Head of Real Estate, PeliFilip.

PeliFilip's real estate department, coordinated by Oana Bădărău, brings together one of the largest real estate teams in Romania: 13 lawyers, including 2 partners and 5 senior lawyers. The team gained its reputation by participating in the most important transactions on the local market, in 2016 being involved in over 20 top real estate projects.

This acquisition follows the acquisition in January 2017 of the remaining 50% shares in the Intercora retail park portfolio in Romania. This brings Mitiska REIM’s total portfolio in Romania to 19 retail parks, with a total GLA of +/-85,000m², in addition to 4 development projects.

The former CEO of Alpha Property Development, Clemens Petschnikar, will remain both as a co-investment partner with 5% of shares as well as lead the property services management for the entire Romanian portfolio.

Axel Despriet, CEO of Mitiska REIM, comments: “This is a high quality portfolio: all properties have excellent locations, first class tenants, long-term leases and sustainable rental levels. We feel this to be a solid investment in a diversified portfolio, generating highly stable, long term revenues, and where we can add value through active asset management. Our previous partnerships with both Alpha Property Development and Intercora have enabled us to successfully build a strong footprint in Romania, and support our wider ambitions in other CEE markets.”

Luc Geuten, Executive Chairman of Mitiska REIM, comments: “ This transaction brings Mitiska REIM’s assets under management in Romania to in excess of €100 million, making us now the clear market leader in the Romanian retail park market.”

Mitiska REIM is a privately held specialist real estate investment and fund management firm headquartered in Brussels, Belgium. Mitiska REIM invests exclusively in the sector of retail park properties across Western and Central Eastern Europe, via value-add and (co-) development strategies.

Alpha Property Development is a Romanian company specialised in developing and investing in retail warehousing in Romania. The company is part of the Intercora Group, a German backed real estate investor and developer who has developed more than 250 retail parks in the Czech Republic, Slovakia and Romania.

In Romania, the Intercora Group has developed close to 50 Kaufland hypermarkets and 25 retail parks, totalling approximately 300,000 m² GLA.