IMMOFINANZ expands STOP SHOP portfolio to 66 retail parks through eight acquisitions
November 14, 2016
IMMOFINANZ is continuing the expansion of its successful STOP SHOP retail park portfolio with the acquisition of eight locations in Slovakia and Hungary. The purchase price for these properties totals approx. EUR 79.0 million. The newly acquired retail parks have an occupancy rate of roughly 98% and generate annual rental income of approx. EUR 6.6 million.
The transactions will close in several steps, presumably by the end of the first quarter of 2017. IMMOFINANZ‘s STOP SHOP portfolio will then cover 66 locations in seven countries with roughly 449,000 sqm of rentable space and a book value of more than EUR 600 million. Further locations in Serbia and Poland are currently in the preparation phase for project development.
“These acquisitions represent an excellent addition to our STOP SHOP portfolio in Slovakia and Hungary. The good locations, successful operations in all retail parks, a favourable local competitive environment and the proven, valuable tenant mix speak for these attractively priced investment opportunities“, commented Oliver Schumy, CEO of IMMOFINANZ. Our goal is to increase the number of STOP SHOPs to more than 100 over the coming years, through our own development projects as well as further acquisitions.“
The real estate package in Slovakia includes six retail parks in the cities of Bardejov, Michalovce, Prievidza, Roznava, Presov and Bratislava Raca. The seller is the Austrian WM Invest GmbH. “These six properties are situated in established retail locations and have very good occupancy rates“, explained Michael Wakolbinger, Managing Director of the selling companies. The transaction will expand IMMOFINANZ’s retail park portfolio in Slovakia to 16 locations with 112,000 sqm of rentable space.
The other acquisitions involve retail parks in the Hungarian cities of Hatvan and Szolnok. The seller is Real 4 You Immobilien GmbH. In Hungary, the STOP SHOP brand will now grow to 14 locations with 128,000 sqm of rentable space.
Each of the eight acquired properties has between 7,000 sqm and 9,300 sqm of rentable space as well as an attractive mix with anchor tenants like Deichmann, Takko, JYSK and C&A which are already well known to the STOP SHOPs. After the closings are completed, the properties will be rebranded to reflect the STOP SHOP concept.
Some of these cookies are essential, while others help us to improve your experience by providing insights into how the site is being used.
Accept Recommended Settings
Necessary cookies enable core functionality such as page navigation and access to secure areas. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.
Analytical cookies help us to improve our website by collecting and reporting information on its usage.
We use marketing cookies to help us improve the relevancy of advertising campaigns you receive.
Social Sharing Cookies
We use some social sharing plugins, to allow you to share certain pages of our website on social media.