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Mitiska REIM sells German retail park to ZREV

Mitiska REIM has sold Retail Park Braunschweig to ZREV. The retail park was originally acquired by Mitiska REIM on behalf of the First Retail International 2 Fund (FRI 2) in March 2018, in a joint venture partnership with Zamberk Real Estate Ventures (ZREV), then minority shareholder and asset manager for the project [we reported].

Located in Frankfurter Strasse 236 in the city of Braunschweig in north-central Germany, the retail park comprises a gross leasable area of 8,100 m² over 7 units, with anchor tenants Multipolster (furniture), Fressnapf (pet supplies) and Polo (motorcycle equipment), and features parking for 180 cars.

The retail park comprises a gross leasable area of 8,100 m² over 7 units.
“Over the past 22 months, we have actively managed this retail park so that the weighted average lease term now exceeds 10 years, which made this a stable and attractive asset for divestment,” comments Stefan Klug, Investment Director Germany of Mitiska REIM.

“I am pleased to include this asset in our long term ‘family’ portfolio, having stabilized the scheme and its leases over the last couple of years,” adds Joseph Zamberk, Managing Director of ZREV.

The sale of Retail Park Braunschweig is already the second divestment by the FRI 2 fund, which is still in its investment period.
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