STOP SHOP network in Hungary nears full occupancy
STOP SHOP Hűvösvölgy
The entire portfolio of the STOP SHOP retail network in Hungary, operating on 136,000 sqm in 14 locations and is almost fully leased. In the first quarter of 2021, IMMOFINANZ signed new and extended existing leases for roughly 2,800 sqm, according to a press release sent to the Budapest Business Journal.
IMMOFINANZ signed new leases for nearly 2,200 sqm and extended leases for 600 sqm with existing clients.
"Although our STOP SHOP network has always had a high occupancy rate, it recently got to be almost fully leased which confirms the demand for this kind of retail parks. During the pandemic, it has been proven that consumers prefer to shop in 'open' shopping parks with easy access and many parking lots," added Viktor Nagy, country manager for operations at IMMOFINANZ Hungary.
The company continues to expand the STOP SHOP retail brand in the region, adding eight more locations to the total portfolio by the end of 2020. With these acquisitions and internal development projects, the total portfolio has grown to about 98 locations. Plans include an increase to 140 STOP SHOP locations over the medium-term, according to the press release.
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