Stop Shop to expand – Immofinanz buys retail parks in Subotica, Borca and Smederevo
S Immofinanz announced, these transactions increase their Stop Shop portfolio to 80 locations in nine countries with over 567,000 m2 of rentable space and a carrying amount of approx. EUR 800 million.
Further acquisitions are currently under evaluation, and two Stop Shops in Poland and Serbia are now in the active development phase.
– These acquisitions strengthen our position as the leading European retail park operator and, with regard to Croatia, mark our entry into a new EU retail market which is very attractive for our international tenants. Good locations, excellent track records, favorable local competitive situations and a classical, sound tenant mix are the distinctive features of these attractive investment opportunities. In addition, the returns that can be realized in these markets speak for themselves – explained Dietmar Reindl, COO of Immofinanz.
– Our goal is to increase the number of Stop Shops to over 100 – through further acquisitions as well as our own development projects.
The closing for the purchase of most of the locations is expected to take place by the end of 2018. The purchase price will be financed internally from liquid funds.
The acquisitions in Serbia involve retail parks with roughly 32,500 m2 of rentable space in Subotica, Borca and Smederevo. The Stop Shop brand in this country will now have nine locations with 83,600 m2 of rentable space. The seller is the Serbian MPC Group.
The real estate package in Slovenia includes three retail parks in Maribor, Krsko and Ptuj with roughly 22,000 m2 of rentable space. Immofinanz’s Slovenian retail park portfolio will now grow to nine locations with 52,300 m2 of rentable space. The two retail parks purchased in Croatia have nearly 13,500 m2 of rentable space in total and are located in Osijek and Valpovo. The seller of the locations in Slovenia and Croatia is the MID Group.
The acquired properties have an attractive tenant mix which also includes anchor tenants with an established presence in other Stop Shops – for example Deichmann, H&M, C&A, Takko, KiK and JYSK. After the transactions close, the properties will be rebranded in line with the Stop Shop concept.
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