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. €79m.
The newly acquired retail parks have an occupancy rate of roughly 98% and generate annual rental income of approx. €6.6m. 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 449,000m² 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.
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. The transaction will expand Immofinanz’s retail park portfolio in Slovakia to 16 locations with 112,000m² 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 128,000m² of rentable space.
Each of the eight acquired properties has between 7,000m² and 9,300m² 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.
