Immofinanz expanding Stop Shop brand to 66 retail parks

Immofinanz is continuing to expand its successful brand Stop Shop by acquiring eight retail parks in Slovakia and Hungary. The purchase price of the real estate is around EUR 79 million. The new retail parks are nearly 98% full, whereas the annual rent income amounts to around EUR 6.6 million. The acquisition will be carried out in several steps, ending in the first quarter of 2017. The Stop Shop portfolio of Immofinanz will then cover 66 locations in seven countries, with close to 449 thousand square meters of space for rent and the carrying amount of over EUR 600 million, Immofinanz reported.

At the same time, new projects in Serbia and Poland are already being prepared.

– These acquisitions are a great addition to our Stop Shop portfolio in Slovakia and Hungary. Quality locations, successful operations, favorable competitive environment and a combination of renters speak in favor of these investment possibilities – said Oliver Schumy, general manager of Immofinanz, and added that their goal was to increase the number of Stop Shop parks to more than 100 in the years to come, both through their own projects and further acquisitions.

The package of real estate bought in Slovakia includes six retail parks in Bardejov, Michalovce, Prievidza, Roznava, Presov and Raca in Bratislava. The seller is the Austrian company WM Invest Ltd.

– These six pieces of real estate are at confirmedly great retail locations and their capacities are filled to a great degree – explained Michael Wakolbinger, executive director of the seller-company.

With this acquisition, Immofinanz retail park portfolio has increased to 16 location with 112 thousand square meters of rent space.

The second acquisition includes retail parks in Hungarian cities of Hatvan and Szolnok. The seller is the company Real 4 You Immobilien Ltd. In Hungary, the Stop Shop brand will now operate in 14 locations with 128 thousand square meters of rent space.

Each of the eight pieces of real estate has between 7 and 9.3 thousand square meters of rent space and an attractive mix of current renters, such as Deichmann, Takko, JYSK and C&A. Following the signing of the contract, facilities will be rebranded to fit the Stop Shop concept.