As part of its growth strategy focusing on high-return properties, IMMOFINANZ is acquiring 53 retail properties in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group (CPIPG).
The acquired portfolio has roughly 217,000 sqm of rentable space and an occupancy rate of 99 percent – the purchase price totals €324.2 million. The purchase contract was signed together with the closing of 36 retail properties in the Czech Republic and Poland which amount to 108,000 sqm of rentable space. The purchase price of €191 million for those properties was financed from existing funds. The closing of the remaining 17 properties in Hungary and Slovakia is expected to occur by the end of this year.
“This transaction represents an important strategic step to strengthen our retail portfolio. The acquisition will not only accelerate the expansion of our position on the retail park market in Europe and strengthen our STOP SHOP brand, but it will also sustainably reinforce IMMOFINANZ’s earning power with a stable rental income of roughly €25 million per year“, explained Radka Doehring, member of the IMMOFINANZ Executive Board. “Our retail portfolio will now grow to 166 properties in ten countries with over 1.3 million sqm of rentable space.”