Le mie ricette per la real estate communityIMMOFINANZ is driving the expansion of its successful STOP SHOP retail park brand and has now purchased eight retail parks in Slovenia, Serbia and Croatia. The purchase price totals approximately EUR 90.5 million. The newly acquired properties are fully rented and generate annual rental income of roughly EUR 7.2 million, which represents a gross return of 8.0%. These transactions increase IMMOFINANZ’s STOP SHOP portfolio to 80 locations in nine countries with over 567,000 sqm of rentable space and a carrying amount of approx. EUR 800 million. Further acquisitions are currently under evaluation, and two STOP SHOPs in Poland and Serbia are now in the active development phase.
“These acquisitions strengthen our position as the leading European retail park operator and, with regard to Croatia, mark our entry into a new EU retail market which is very attractive for our international tenants. Good locations, excellent track records, favourable local competitive situations and a classical, sound tenant mix are the distinctive features of these attractive investment opportunities. In addition, the returns that can be realised in these markets speak for themselves“, explained Dietmar Reindl, COO of IMMOFINANZ, on the transaction. “Our goal is to increase the number of STOP SHOPs to over 100 – through further acquisitions as well as our own development projects.“
The closing for the purchase of most of the locations is expected to take place by the end of 2018. The purchase price will be financed internally from liquid funds.
The real estate package in Slovenia includes three retail parks in Maribor, Krsko and Ptuj with roughly 22,000 sqm of rentable space. IMMOFINANZ’s Slovenian retail park portfolio will now grow to nine locations with 52,300 sqm of rentable space. The two retail parks purchased in Croatia have nearly 13,500 sqm of rentable space in total and are located in Osijek and Valpovo. The seller of the locations in Slovenia and Croatia is the MID Group.
The acquisitions in Serbia involve retail parks with roughly 32,500 sqm of rentable space in Subotica, Borca and Smederevo. The STOP SHOP brand in this country will now have nine locations with 83,600 sqm of rentable space. The seller is the Serbian MPC Group.
The acquired properties have an attractive tenant mix which also includes anchor tenants with an established presence in other STOP SHOPs – for example Deichmann, H&M, C&A, Takko, KiK and JYSK. After the transactions close, the properties will be rebranded in line with the STOP SHOP concept.
Details on the STOP SHOP portfolio
STOP SHOP is the IMMOFINANZ brand for retail parks in Central and Eastern Europe. They are likeable and convenient local suppliers with a catchment area of 30,000 to 150,000 residents and offer a broad range of products with good value for money. With efficient transport connections as well as extensive parking, they concentrate on price-conscious “smart shoppers” who value easy accessibility.
IMMOFINANZ‘s STOP SHOP portfolio, including the recent acquisitions, covers 80 retail parks in nine countries: Slovakia (16 STOP SHOPs), Hungary (14), Austria (12), Czech Republic (10), Slovenia (9), Serbia (9), Poland (7), Croatia (2) and Romania (1).
Source : Company