Schoenherr advised Soundbox Investment SRL and its shareholder Clemens Petschnikar in a transaction in which Soundbox Investment and Mitiska REIM sold 25 retail parks to LCP Group, part of M Core. With a value of EUR 219m, this is one of the largest retail real estate transactions in Romania.

The retail parks portfolio was developed, built and managed by Mitiska REIM in partnership with its Romanian country partner Clemens Petschnikar and his Square7 Group over the past 10 years. Schoenherr acted as legal counsel to Soundbox Investment SRL and its shareholder Clemens Petschnikar in this transaction, which was signed on 6 December 2023.

"This record-setting deal in the retail segment of the Romanian real estate sector reasserts major investors' confidence in this market," said Markus Piuk, partner, who led the Schoenherr team advising Soundbox and Clemens Petschnikar in the matter. "We are delighted that by advising Mr Petschnikar and his company in this transaction, we have once again stood beside a long-term client in a landmark deal in this sector."

The retail parks in the portfolio, which have a total GLA of 132,000 m2, are located in 24 cities across Romania. They are all anchored by either a Kaufland or Lidl supermarket, or a combination of both, with other tenants including brands such as Deichmann, DM, Pepco, Jysk, KFC, Kik and Takko.

With over 15 years of experience in the local market, the group of companies founded by Mr Petschnikar acts as a real estate developer, property and asset manager, and facility manager based in Romania and operating in Central and South-Eastern Europe.

Mitiska REIM, headquartered in Belgium, is a specialist investor in convenience real estate, comprising retail parks, multi-let light industrial, self-storage and urban logistics projects.

M Core is a network of property investment and management companies comprising LCP, Proudreed, Sheet Anchor and Evolve Estates. It is active in the UK, France, Poland, Romania, Germany and Spain.

The Schoenherr team advising Square 7 Properties and Clemens Petschnikar was led by Markus Piuk (partner) and included Narcisa Oprea (local partner), Cristina Tudoraș (senior attorney at law) and Silviu Lazăr (attorney at law).