Credit: Immofinanz
Credit: Immofinanz

IMMOFINANZ STRENGTHENS ITS MARKET POSITION IN EUROPE WITH THE ACQUISITION OF A RETAIL PORTFOLIO FROM CPIPG

As part of its growth strategy with a focus on high-return properties, IMMOFINANZ is acquiring 53 retail properties in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group (CPIPG).

The acquired portfolio has roughly 217,000 sq m of rentable space and possesses an occupancy rate of 99%. The purchase price totals EUR 324.2 million. The purchase contract was signed today, together with the closing for 36 retail properties in the Czech Republic and Poland which amount to a total of 108,000 sq m of rentable space. The purchase price of EUR 191 million for those properties was financed from existing funds. The closing for the remaining 17 properties in Hungary and Slovakia is expected to take place by the end of this year.

“This transaction represents an important strategic step to strengthen our retail portfolio. The acquisition will not only accelerate the expansion of our position on the retail park market in Europe and strengthen our STOP SHOP brand, it will also sustainably reinforce IMMOFINANZ’s earning power with stable rental income of roughly 25 million euros per year“, explained Radka Doehring, member of the IMMOFINANZ Executive Board. “Our retail portfolio will now grow to a total of 166 properties in ten countries with over 1.3 million square meters of rentable space.“  

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