Stop Shop retail parks increasing in Hungary, Slovakia
Photo: Immofinanz - Nyiregyhaza
With the acquisition of a total of eight locations in Hungary and Slovakia, commercial real estate group Immofinanz is continuing the expansion of its Stop Shop retail park portfolio, according to a press release sent to the Budapest Business Journal today. Total purchase price for these properties of approximately EUR 79 million.
Stop Shop in Hungaryʼs Nyíregyháza. (Photo: Immofinanz)
The newly acquired retail parks have an occupancy rate of roughly 98% and generate annual rental income of approximately EUR 6.6 mln, said Immofinanz. The transactions are scheduled to be closed in several steps, possibly by the end of the first quarter of next year, Immofinanz added.
Once all the transactions are closed, the group’s Stop Shop portfolio will comprise 66 locations in seven countries with roughly 449,000 sqm of rentable space and a book value of more than EUR 600 mln. Further locations in Serbia and Poland are currently in the preparation phase for project development.
The Hungarian 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 expand to taken in 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 at Stop Shop retail parks. Once the deals are closed, the properties will be rebranded to reflect the Stop Shop concept.
“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 favourable 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.”
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