Mitiska REIM secures €50 million co-investment from EBRD, raising MEREP 3 fund total to €290 million

Mitiska REIM, a European investor specializing in convenience real estate, has announced a €50 million co-investment from the European Bank for Reconstruction and Development (EBRD) into its MEREP 3 value-add fund. This co-investment, alongside other contributions, brings the total funds raised for MEREP 3 (Mitiska European Real Estate Partners 3) to €290 million.

MEREP 3, the third flagship fund from Mitiska REIM, focuses on value-add opportunities in convenience real estate across Europe. The fund targets high-demand sectors such as food-anchored retail parks, multi-let light industrial properties, self-storage facilities, and urban logistics projects. The strategy leverages increasing demand for urban infill locations offering accessibility, affordability, flexible design, and sustainability.

The EBRD will invest through its Belgian “private privak” investment vehicle, the EBRD CIV Fund, concentrating on Mitiska REIM’s Central and Eastern Europe (CEE) markets. Mitiska REIM will serve as the discretionary manager of the fund.

MEREP 3’s approach emphasizes light-to-heavy value-add investments, including repositioning, reconfiguring, and retrofitting existing properties, as well as risk-mitigated development projects. Building on the success of its predecessor funds, MEREP 3 has already committed €110 million to a diverse portfolio of convenience real estate assets and is actively evaluating further opportunities. The fund’s final closing is scheduled for Q1 2025, with expectations to exceed its initial fundraising target of €300 million.

Commenting on the partnership, Sylvie Geuten-Carpentier, Managing Partner at Mitiska REIM, stated: “We are thrilled to welcome EBRD as a co-investor alongside MEREP 3, supporting the growing investment opportunities we see in convenience real estate. As we approach the fund’s final closing, we are on track to surpass our original target of €300 million.”

Vlaho Kojakovic, Director of Real Estate at EBRD, emphasized the partnership’s alignment with sustainable development goals: “We are excited to collaborate with Mitiska REIM to advance green and sustainable commercial real estate assets across CEE markets. Mitiska REIM’s expertise and proven track record make them an ideal partner for driving these initiatives and delivering long-term value for all stakeholders.”

Axel Despriet, Managing Partner at Mitiska REIM, highlighted the strong market conditions supporting convenience real estate: “Throughout 2024, we’ve observed increasing tailwinds for convenience real estate driven by resilient fundamentals and robust occupier demand. We believe this year and next could represent exceptional opportunities, and Mitiska REIM’s specialist knowledge positions us to capitalize effectively.”