IMMOFINANZ Group is continuing the expansion of its successful STOP.SHOP. retail warehouse chain: at the end of December, five operational commercial parks - four in Slovenia and one in the Czech Republic - were acquired for a total purchase price of approx. €26 million. These fully rented retail parks will be rebranded during the first half of 2014: they will be outfitted with the characteristic STOP.SHOP. look and expand the existing STOP.SHOP. portfolio by nearly 19,000 m² of rentable space to approx. 335,000 m².
"These acquisitions represent an excellent addition to our STOP.SHOP. portfolio in the Czech Republic and Slovenia. Good locations, successful results at all sites, a favorable local competitive situation and a classical, strong tenant mix make these investment opportunities particularly attractive, also with regard to the price", indicated Eduard Zehetner, CEO of IMMOFINANZ Group.
The package in Slovenia covers four properties at established retail locations in Celje, Velenje, Domzale and Postojna. The seller is a fund managed by Pramerica Real Estate Investors. This acquisition will increase IMMOFINANZ Group's Slovenian retail warehouse portfolio to six locations. The transaction in the Czech Republic involves a new commercial park in Kladno, a city roughly 30 km northwest of Prague with 70,000 residents. The seller here is the Strasser Immobilien Group. In the Czech Republic, the STOP.SHOP. brand now has ten branches.
All five properties are fully rented and have an attractive tenant mix that includes, among others, Deichmann, Takko, Müller and JYSK. These established anchor tenants are also found in other STOP.SHOP.s.
IMMOFINANZ Group is also expanding with its retail warehouse chain in Poland: in November 2013 the second Polish STOP.SHOP. opened in Mlawa, and a further location will follow in Ketrzyn during the first half of 2014. Both are own development projects. Plans call for the addition of 10 further STOP.SHOP.s in Poland over the coming years.
The flexible concept behind the STOP.SHOP. brand is based on regional shopping centers at central locations in catchment areas with 30,000 - 150,000 residents. The rentable space ranges from 2,500 sqm to 15,000 sqm and offers visitors sufficient parking areas, optimal traffic connections and high functionality with an attractive mix of international and national retailers. Including the newest locations, the STOP.SHOP. portfolio covers 52 retail warehouses in six countries.
Source: Immofinanz Group