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Kinstellar advises Mitiska REIM on EBRD’s entry into joint venture developing five retail parks in Slovakia
Kinstellar has advised Mitiska European Real Estate Partners 3 (“MEREP 3”) —an investment fund of Mitiska REIM—in connection with the entry of the European Bank for Reconstruction and Development (“EBRD”) into a joint venture with property developer OPC Group for the development and operation of five retail parks in Slovakia. The joint venture involves retail parks located in Liptovský Mikuláš, Skalica, Sládkovičovo, Žiar nad Hronom, and Veľké Kapušany. The EBRD entered the partnership through its investment vehicle MEREP 3 CEE CIV CommV to support the development of sustainable commercial real estate in the region. All projects are expected to target BREEAM “Very Good” or higher certification.
Kinstellar advises Mitiska REIM on the acquisition of land in Bratislava for the construction of a retail park
Kinstellar has successfully advised First Retail International 2 (“FRI 2”), a closed-end real estate value-added fund managed by Mitiska REIM, on the acquisition of land in the Slovak capital, Bratislava, for the construction of the “Podunajská brána” retail park, through a joint venture between Mitiska Group and Asset Services, a Czech provider of development, property and facility management services. Work at the site has already begun. Managed by Mitiska REIM, a leading specialist investment management company in European convenience real estate, FRI 2 invests exclusively in retail parks, both clustered standalone units and integrated retail properties. The fund has already deployed more than EUR 200 million
Ransomware attack on Slovakia’s Real Estate Register causes nationwide outage of all services and databases containing information on immovable property rights
On 5 January 2025, the Real Estate Register in the Slovak Republic (the “Register”) was subject to a ransomware cyberattack. The Register is the sole register containing information on ownership, third-party rights (easements, pledges, etc.) and other material information on immovable properties in Slovakia. As a result of the cyberattack, all the Register’s services are unavailable, and all Real Estate Register Offices are closed until further notice. In practice, the following services, among others, are unavailable: it is not possible to obtain title deeds, either in electronic or in hard-copy form; and all ongoing proceedings concerning immovable properties (sale, pledge, etc.)