IMMOFINANZ expands STOP SHOP portfolio by 8 locations
IMMOFINANZ is continuing the expansion of its STOP SHOP retail park brand, adding eight locations to the portfolio, according to a press release sent to the Budapest Business Journal.
The company purchased six fully rented retail parks in Serbia and the Czech Republic with roughly 43,000 sqm from Mitiska REIM, a Belgian investor specialized in these types of commercial properties. In addition, IMMOFINANZ closed the purchase of a fully rented retail park (approximately 5,500 sqm) in Voitsberg, Austria, during the fourth quarter of 2020. The company's STOP SHOP portfolio in Croatia is set to be increased by one property in the city of Ludbreg.
The STOP SHOP portfolio now covers 98 locations in nine countries with nearly 720,000 sqm of rentable space and a carrying amount of approximately EUR 1 billion. Further acquisitions and internal development projects are currently in preparation, the company notes
“Our STOP SHOPs are a cost-efficient, high-yielding, and crisis resilient retail format. High standardization allows us to offer our tenants attractive rents and operating costs. Another important factor is our concentration on low-cost convenience products, which are very popular with consumers in difficult economic times. This concept has also proven successful during the COVID-19 pandemic: We saw a very quick recovery in the number of visitors after the end of the first lockdown. Discounters, in particular, benefit from customers‘ increasing price consciousness“, explained Dietmar Reindl, COO of IMMOFINANZ.
“Our plans include an increase to 140 STOP SHOP locations over the medium-term, whereby we intend to focus on our markets in CEE, Southeast Europe, and Austria and selective entry into other West European countries,“ he added.
Tomas Cifra, investment director CEE at Mitiska REIM, commented, “We are very pleased to have concluded this transaction with IMMOFINANZ following the completion of our value creation program, and that our retail parks have found a new stable home at a reputable strategic buyer with a clear vision and strong ambition with regard to retail parks.”
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