Erste Group funds European real park investor to refinance its retail park portfolio in Romania

Wolf Theiss acted as legal advisor to Erste Group Bank AG in relation to a total EUR 123 million financing granted to Mitiska REIM, the leading specialist investor in European retail parks and convenience centres, for the purpose of refinancing its entire retail park portfolio in Romania.

The financing was structured into three facility agreements corresponding to three different portfolios and the assistance provided by the team led by Partner Claudia Chiper consisted of preparing plausibility due diligence reports, drafting and negotiating all related finance documents, signing and taking the transactions to their financial closing.

With 24 retail parks representing 132,000 sqm, Mitiska REIM’s Romanian portfolio is one of the largest real estate portfolios in the country. The entire portfolio was developed, built and managed to a high standard by Mitiska REIM and its Romanian country partner, Square 7 Properties over the past 10 years.

Proceeds of the financing will be used to fund the completion of a new retail park under construction in Baia Mare, extension development projects for existing retail parks in Tulcea, Slatina and Medias, and provide liquidity to the shareholders of the SPVs after having funded the growth of the portfolio.

“We are glad to have sucessfully assisted Erste Group Bank AG and Mitiska REIM in closing a new financing transaction and securing in total more than EUR 123 million. Our team is delighted to continue with the string of work in terms of real estate financing including strategic projects in the real estate sector, especially during such challenging economic times”, stated Claudia Chiper, Wolf Theiss Partner and Coordinator of the Banking & Finance team in Romania.