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 to about €79 million.
The newly acquired retail parks have an occupancy rate of roughly 98 percent and generate an annual rental income of around €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 €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. Our goal is to increase the number of STOP SHOPs to more than 100 over the coming years, through our own development projects and further acquisitions,” commented Oliver Schumy, CEO of IMMOFINANZ.
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.
STOP.SHOP. is IMMOFINANZ’s brand for retail parks in Central and Eastern Europe. They are attractive and practical local suppliers with a catchment area of 30,000 to 150,000 residents and a wide variety of products with good value for money. With efficient transport connections and extensive parking, they are directed to price-conscious “smart shoppers” who look for easy-to-reach locations.