Mitiska REIM closes €310 million MEREP 3 Fund, expands European real estate investments

Mitiska REIM has announced the final closing of its MEREP 3 European value-add fund at €310 million, surpassing its initial target of €300 million. This represents a 39% increase in funds raised compared to the previous fund at final close.

MEREP 3, the third flagship fund from Mitiska REIM, focuses on the growing demand for convenience real estate across Europe. The fund targets food-anchored retail parks, multi-let light industrial properties, self-storage facilities, and urban logistics projects. It aims to invest in urban infill sites that offer accessible locations, flexible design, and sustainable solutions.

The investment strategy includes repositioning, reconfiguring, and retrofitting existing properties, as well as risk-mitigated development projects. The fund builds on the track record of its predecessors, which have delivered returns across different economic conditions.

MEREP 3 has attracted a diverse group of institutional investors, including pension funds, insurance companies, family offices, and banks. In January, Mitiska REIM secured a €50 million co-investment from the European Bank of Reconstruction and Development (EBRD). With debt financing, the fund will have an investment capacity of up to €1 billion for convenience real estate projects across Europe.

Aligned with Mitiska REIM’s ESG strategy, MEREP 3 aims to develop sustainable assets, targeting BREEAM “Very Good” to “Excellent” ratings and a GRESB rating at the fund level. The ESG policy includes a commitment to keeping each asset at least 10 years below the CRREM pathway after the value-add program is completed.

To date, 35% of the fund's capital has been allocated to a diversified portfolio, with eight investments totaling €107 million secured and additional assets under due diligence and negotiation.

Managing Partner Sylvie Geuten-Carpentier stated that exceeding the initial fundraising target reflects strong support from investors. She expressed appreciation for investor confidence in Mitiska REIM’s strategy and the efforts of the team in securing opportunities across European markets.

Managing Partner Axel Despriet noted that current market conditions present an opportunity for specialized value-add investors. He emphasized that convenience real estate is well-positioned for investments requiring capital expenditure and hands-on asset management, adding that MEREP 3 has the resources to capitalize on evolving market opportunities.