IMMOFINANZ expands STOP SHOP portfolio to 66 retail parks through eight acquisitions
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 600.0 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. Details on the STOP SHOP portfolio
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.
IMMOFINANZ's STOP SHOP portfolio covers 66 retail parks, including the latest acquisitions, in seven countries: Slovakia (16 STOP SHOPs), Hungary (14 STOP SHOPs), Austria (11 STOP SHOPs), Czech Republic (10 STOP SHOPs), Poland (6 STOP SHOPs), Slovenia (6 STOP SHOPs) and Serbia (3 STOP SHOPs).
On IMMOFINANZ IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of eight core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points and stand for quality and service. The management and development of properties form the group's core business. The real estate portfolio has a value of approx. EUR 5.4 billion and covers more than 360 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com
For additional information contact: Bettina Schragl Head of Corporate Communications and Investor Relations T +43 (0)1 88 090 2290 M +43 (0)699 1685 7290 email@example.com firstname.lastname@example.org
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Language: English Company: IMMOFINANZ AG Wienerbergstraße 11 1100 Wien Austria Phone: +43 (0) 1 88090 - 2290 Fax: +43 (0) 1 88090 - 8290 E-mail: email@example.com Internet: http://www.immofinanz.com ISIN: AT0000809058 WKN: 911064 Listed: Regulated Unofficial Market in Berlin, Munich, Stuttgart; Open Market in Frankfurt ; Warschau, Wien (Amtlicher Handel / Official Market) End of News DGAP News Service