Austrian listed property firm Immofinanz has acquired a fully rented portfolio with 53 properties in four CEE markets for €324.2 mln from its majority shareholder CPIPG.
The 217,000 m2 space has an occupancy rate of 99%.
The deal for 30 properties in the Czech Republic (89,300 m2) and six in Poland (18,200 m2) has already been completed for €191 mln, while the closing for two properties in Hungary (33,600 m2) and 15 in Slovakia (76,200 m2) will take place by the end of 2022.
The majority of the portfolio comprises retail parks with an attractive and varied tenant mix as well as a number of commercial spaces with DIY and food retailers with stable revenues and high returns.
The properties are located in larger cities or close to large catchment areas and are accessible by car and public transport.
Radka Doehring, member of the Immofinanz executive board said: ‘This transaction represents an important strategic step to strengthen our resilient, high-return retail portfolio. The acquisition will not only accelerate the expansion of our leading 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 mln per year. Our retail portfolio will now grow to a total of 166 properties in ten countries with over 1.3 million m2 of rentable space.'
Stefan Frömmel, head of group transactions at Immofinanz, added: ‘Considering the scarcity of high-quality portfolios of this size on the market, the completion of this transaction is a very special success. It represents the ideal opportunity to expand Immofinanz’s retail portfolio in a single step and at a lower cost compared to negotiations with multiple sellers.’
The acquisition is part of Immofinanz’s value-creating growth strategy with a focus on high-return properties.
