Immofinanz expands its Stop Shop portfolio by eight locations

Six fully rented retail parks in Serbia and the Czech Republic with roughly 43,000 sqm were purchased from Mitiska REIM, a Belgian investor specialised in these types of commercial properties.

In addition, Immofinanz closed the purchase of a fully rented retail park (approx. 5,500 sqm) in Voitsberg, Austria, during the fourth quarter of 2020.

The portfolio in Croatia will be increased by one property in the city of Ludbreg.

The expected annual rental income from these recently acquired properties totals approximately EUR 5.7 million, and the gross return ranges up to 8.9% for example in Serbia.

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.

Acquisitions in Austria, Czech Republic and Croatia already completed

The property acquisitions in Austria, the Czech Republic and Croatia have already been finalised.

The retail park in Voitsberg, which was purchased from a local developer, raises the number of Stop Shops in Austria to 14 locations with roughly 67,000 sqm of rentable space.

The two retail parks in the Czech cities of Prague and Litvinov with 14,700 sqm in total increase the Stop Shop portfolio in this country to 12 locations with nearly 88,000 sqm of rentable space.

The real estate package in Serbia includes locations in Leskovac, Sabac, Sombor and Zajecar with roughly 28,200 sqm of rentable space.

Immofinanz‘s Serbian Stop Shop portfolio will now include 14 properties with approximately 121,000 sqm. The closing is expected to take place in the first quarter of 2021.

Immofinanz entered the Croatian market with its Stop Shops at the end of 2018. Together with the newly acquired property, the retailer has three STOP SHOPs with 16,400 sqm and further projects are in preparation.

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