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Dec 07, 2023 16:12 EEST
December 7 (SeeNews) - Pan-European commercial property collective M Core has bought 25 retail parks in Romania from Brussels-based retail investor Mitiska REIM for nearly 219 million euro ($235.8 million), real estate consultancy iO Partners said on Thursday.
M Core’s Romanian portfolio acquisition covers 132,000 sq m located in 24 cities, from the western city of Arad to Iasi in the east, as well as the country’s capital, Bucharest, deal advisor iO Partners said in a press release.
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“Recognising the strategic significance of Romania, as a territory boasting promising macro tailwinds and robust investment opportunities, this move marks a pivotal moment for our collective,” Sebastian MacDonald-Hall, M Core CIO for Europe and co-CEO of the company’s Romanian unit, said.
The 25 retail centres feature a varied mix of tenants, including large brands such as Deichman, Pepco, KFC, Lidl and H&M.
The acquisition is the largest single-country real estate transaction in 2023 in Central and Eastern Europe (CEE), according to Andrei Vacaru, CEE Head of Capital Markets at iO Partners.
Headquartered in the UK, M Core is a network of property investment and management companies comprising LCP, Proudreed, Sheet Anchor and Evolve Estates. M Core has operations in the UK, France, Poland, Romania, Germany and Iberia.
Vienna-headquartered iO Partners is a provider of full-suite real estate services for the Czech, Hungarian, Romanian and Slovakian markets. The consultancy acted as a deal advisor for M Core.
Mitiska REIM is a real estate investment fund manager and advisor that is exclusively focused on convenience real estate in Europe, targeting retail parks, urban logistics and multi-let light industrial projects.
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