Immofinanz added to Stop Shop retail park portfolio 8 locations in Hungary and Slovakia.Immofinanz is continuing the expansion of its Stop Shop retail park portfolio with the acquisition of 8 locations in Hungary and Slovakia.
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 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.
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.
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.