DLA Piper has advised a joint venture of Mitiska REIM and Luxembourg Investment Group on the acquisition of a retail park in Mönchengladbach. It is the first acquisition for Mitiska Reim in Germany. In addition to being a co-investment partner, the Luxembourg Investment Group will be responsible for the value-added renovation and enhancing returns through active asset management.

The Mönchengladbach site is an existing and income-producing convenience retail park comprising a gross leasable area of 10,900 square metres. The retail park comprises 12 units, which include the anchor tenants REWE and Penny, and has parking for 273 cars.

Mitiska REIM is a privately held specialist real estate investment and fund management firm headquartered in Brussels, Belgium. The company invests exclusively in the sector of retail park properties across Western and Central Eastern Europe, via value-add and (co-) development strategies. In December 2016, Mitiska REIM announced the successful final closing of its second fund, First Retail International 2, at €223 million. Allowing for gearing, the fund’s gross investment capability is up to €500 million.

Luxembourg Investment Group (LIG) is an investment company that invests in real estate in Germany and Luxembourg. In Germany, LIG’s investment focus is on commercial real estate, both development and stock, with a focus on specialist markets and inner city shopping centres. The company invests for its own funds as well as in joint ventures with private banks and investment partners.

The DLA Piper team was led by counsel Christian Lonquich (Real Estate, Frankfurt) and comprised partner Dr Torsten Pokropp (Finance and Projects, Frankfurt), counsel Dr Raimund Behnes (Tax, Frankfurt), senior associate Dennis Lepczyk (Real Estate, Frankfurt), associates Moritz Mursa and Dr Heiner Feldhaus (both Real Estate, Cologne) as well as partner Xavier Guzman (Finance and Projects Luxembourg).