Immofinanz is expanding its STOP SHOP retail park portfolio with the acquisition of eight properties in Hungary and Slovakia for approximately €79m. The newly acquired retail parks have an occupancy rate of roughly 98 percent and generate annual rental income of roughly €6.6m. The transactions are expected to close in several steps by the end of the first quarter of 2017. The Hungarian parks, located in Hatvan and Szolnok, were purchased from Real 4 You Immobilien GmbH. The deal will expand Immofinanz’s STOP SHOP network in the country to 14 locations, covering 128,000 sqm of leasable space. The parks in Slovakia, located in Bardejov, Michalovce, Prievidza, Roznava, Presov and Bratislava-Raca, were purchased from WM Invest GmbH. Once the deal closes, Immofinanz will have 16 STOP SHOP parks in the country, totaling 112,000 sqm of space.
“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 favorable local competitive environment and the proven, valuable tenant mix speak for these attractively priced investment opportunities,” said 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.”
Each of the newly 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. After the closings are completed, the properties will be rebranded to reflect the STOP SHOP concept.
Immofinanz’s STOP SHOP portfolio will cover 66 locations in seven countries with roughly 449,000 sqm of rentable space and a book value of more than €600m. Further locations in Serbia and Poland are currently in the preparation phase for project development.
