Interview: Retail Parks as a Safe Bet - OPC on Expansion, Funding and Investor Strategy

OPC has emerged as one of the most active retail park developers in Slovakia, with an increasing footprint across Central and Eastern Europe. With new projects scheduled to open before the end of this year and an ambitious pipeline stretching into 2026, the company is strengthening its role in a resilient sector of the property market. CIJ EUROPE spoke with Miroslav Tavel, Managing Partner at OPC, about ongoing developments, financing strategies, the entry of new tenants, and the wider retail landscape in the region.

CIJ EUROPE: Where do you stand with your projects at the moment and what is in the pipeline?

Miroslav Tavel: By the end of 2025, we will have completed seven retail parks. Two are already open and five more will follow in October, November and possibly early December. For 2026, we are preparing at least seven further projects in Slovakia where we already own the land. Two of those will break ground this year while the others are progressing through the permitting process and should start construction in the first quarter of 2026. Beyond Slovakia, we are advancing four sites in the Czech Republic. Although we do not yet own those plots, I expect at least two acquisitions to be finalised before the end of this year. In Romania, our entry strategy involves acquiring a development company with three retail park projects. Two of them already have zoning permits and one has a full construction permit, so we can move directly into construction once the acquisition is closed. Combining Slovakia, the Czech Republic and Romania, we expect to be working on about 12 projects in the near term.

CIJ EUROPE: Who is financing this rapid expansion?

Tavel: We work with our own equity along with several partners. Some projects are supported by J&T Bank in Slovakia, while most of the portfolio is co-financed by our JV Partner Mitiska-Reim, a Belgian fund represented by Tomáš Sifra. The cooperation is highly strategic. Mitiska-Reim has a strong presence in Slovakia and the Czech Republic, but also in Romania. Since they sold their 25 retail parks in Romania to M Core last year, they are seeking new opportunities in that market. OPC is becoming their local development partner there, which allows us to accelerate our expansion without relying solely on our own equity.

CIJ EUROPE: The broader market has been affected by a slowdown in logistics and the automotive industry. How does this influence your business?

Tavel: Some large employers are scaling down and that reduces household income in affected regions. This obviously has a knock-on effect on retail spending. However, the tenant mix in our parks is strongly anchored in discount formats and essential goods. Around 95 percent of our tenants fall into this category. These are resilient operators because their appeal is broad: from average income households to price-sensitive consumers. Even when budgets are tight, people will shop in discount chains. That is why we feel confident that our portfolio can withstand current market pressures.

CIJ EUROPE: How do you determine the size of each park?

Tavel: Everything depends on location and catchment. In towns with 7,000 to 12,000 residents, we usually build between 3,000 and 4,000 square metres. When the wider catchment includes neighbouring villages or when tenant interest is strong, the schemes can grow to 6,000 or even 8,000 square metres. Extensions are also becoming more relevant. In Skalica, for example, we are doubling an existing park from 4,200 to 8,200 square metres. In Sládkovičovo, we are adding 1,500 square metres to a park that opened at 2,800. This flexibility allows us to respond to new tenants such as Woolworth, Biedronka and Mueller, who are actively expanding in Slovakia.

CIJ EUROPE: How do you see OPC’s role within the Slovak retail park market?

Tavel: The market has been very active. Cushman & Wakefield reported that more than 53,000 square metres of new retail park space was delivered in Slovakia in 2024, and the pipeline for 2025 is even larger. Our projects are a substantial part of this growth. The entry of new retailers such as Biedronka, which just opened a store in our Revúca park, shows that Slovakia remains attractive for international discount operators. At the same time, we are mindful of challenges, particularly lengthy permitting processes and rising competition. Strong partnerships and disciplined tenant planning are essential to succeed in this environment.

CIJ EUROPE: Beyond retail units, are you adding additional services to your parks?

Tavel: Yes, wherever the site allows it. On parking lots we add EV charging points, self-service car washes or petrol stations. We also integrate parcel lockers from companies like Alza, GLS and Packeta. These generate additional revenue streams, but just as importantly they increase convenience and drive more visits. Shoppers can pick up packages while doing groceries or other errands. These additions are simple but they strengthen the value of the park.

CIJ EUROPE: What new developments within OPC should tenants and investors know about?

Tavel: The key innovation is our new investment fund. OPC has always been a developer, not a property acquirer. Through the fund, we give investors the opportunity to participate in the development margin without bearing the permitting procces. We use our equity to buy land, secure permits, sign tenants and agree on construction contracts. Only then does the fund acquire the project company and finance the part of the construction alongside with the Bank. Investors therefore know the costs and the income in advance. This structure is unique in our market and has already attracted strong interest. It will also support our expansion into Romania and the Czech Republic, as we can now scale with both our own equity and that of our institutional partners.

© 2025 www.cijeurope.com