Mitiska REIM Forms Joint Venture with Karuzela Holding

Mitiska REIM has recently announced a strategic partnership with Karuzela Holding. Under the terms of the agreement, the two companies will form a joint venture in Poland, and Mitiska REIM’s FRI 2 fund will acquire a 50% holding in two retail parks and two gallerias owned by Karuzela, comprising a total GLA of 35,600 sq m, and both parties will co-develop four additional projects, comprising a total GLA of approximately 60,000 sq m.

The two retail parks are located in Lubliniec and Turek and are the dominant retail schemes in each city. The two gallerias, which are dominant local community shopping centers, are located in Września and Wodzisław and are the major shopping destinations in their locations.

Galleria Września (photo) is located in the city center, covering 11,500 sq m of GLA, and tenants include Intermarche, Dealz, Reserved, and Kik. Galleria Wodzisław is also a city center site with tenants including Martes Sport, CCC, and RTV Euro AGD, covering a GLA of 8,800 sq m. The four development projects are planned for Kołobrzeg, Świebodzin, Biała Podlaska, and Elk.

The new joint venture will also target future new investments that have a minimum of 3,500 sq m of GLA, either through the acquisition of existing properties with value-add potential or the development of new projects.

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