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Mitiska REIM secures 19 mln euro financing for Romanian retail park

Jun 13, 2024, 12:49:17 PMArticle by Bogdan Todasca
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June 13 (SeeNews) - Brussels-based real estate investor Mitiska REIM has obtained a 19 million euro ($20.4 million) development loan from Erste Group Bank [BSE:EBS] for a retail park in Pitesti, southern Romania, with Banca Comerciala Romana (BCR) as the security agent, local law firm and financing facilitator PeliPartners said on Thursday.

Mitiska REIM secures 19 mln euro financing for Romanian retail park
Mitiska REIM Giurgiu Retail Park Source: Mitiska REIM

The loan will fund development costs associated with completing the retail park and corporate matters after the project becomes operational, PeliPartners said in press release.

PeliPartners assisted Mitiska REIM by tailoring the Loan Market Association (LMA) facility agreement to align it with its client’s business model and providing support throughout the negotiation and closing process.

PeliPartners has prevously helped refinance Mitiska REIM's retail park portfolio with a 123 million euro loan. At the end of 2023, the law firm also facilitated Romania’s largest real estate transaction of the year, involving the sale of 25 retail parks to LCP Group, part of pan-European commercial property collective M Core. The transaction totalled 219 million euro, the seller said in a press release issued in December.

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.

Lender Erste Group's shares traded 0.98% lower at 222.2 lei ($48/44.65 euro) as at 1110 CET on Thursday on the Bucharest Stock Exchange.

($=0.9302 euro)

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