Mitiska REIM has successfully closed its third flagship fund, MEREP 3 (Mitiska European Real Estate Partners 3), at EUR 310 million, exceeding its initial target of EUR 300 million. The fund focuses on value-add investments in convenience real estate across Europe, including food-anchored retail parks, multi-let light industrial spaces, self-storage facilities, and urban logistics projects. Its strategy includes repositioning, reconfiguring, and retrofitting existing properties, alongside risk-mitigated development projects.
Investor Participation and Investment Capacity
MEREP 3 has attracted a diverse group of institutional investors, including pension funds, insurance companies, family offices, and banks. In January, the European Bank for Reconstruction and Development (EBRD) committed EUR 50 million in co-investment alongside the fund. With debt financing, the total investment capacity of MEREP 3 is expected to reach up to EUR 1 billion, aimed at expanding investments in convenience real estate across Europe.
Market Outlook and Investment Rationale
Axel Despriet, managing partner at Mitiska REIM, emphasized the current market conditions, stating, “A window of opportunity is opening up, presenting an attractive entry point for specialized value-add investors to capitalize on a potential recovery in European real estate markets. Convenience real estate is particularly well-positioned for investments requiring capital expenditure and hands-on asset management.”
ESG Commitments and Sustainability Goals
Aligned with Mitiska REIM’s environmental, social, and governance (ESG) strategy, MEREP 3 aims to develop sustainable assets. The fund targets BREEAM ratings of “Very Good” to “Excellent” at the asset level and a GRESB rating for the fund. Additionally, each asset is expected to align with a sustainability pathway at least ten years below the CRREM benchmark following the completion of value-add programs.
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By Ravi Kumar
