Immofinanz buys retail parks in Slovenia, Serbia and CroatiaAdriatic Journal 14 November 2018
Austrian real estate investor and developer Immofinanz Group has bought eight retail parks in Slovenia, Serbia and Croatia for a total of EUR 90.5m, the company said on Wednesday. With these acquisitions, Immofinanz’s “Stop shop” portfolio has expanded to a total of 80 locations in nine countries with over 567,000 sq m of rental space worth about EUR 800m. The newly acquired properties are rented at full capacity and generate an annual rental income of approximately EUR 7.2m, which represents a gross return of 8.0%, Immofinanz said in a statement. The seller of the properties in Serbia is MPC Group, while the properties in Slovenia and Croatia were bought from the MID Group. Acquisition in Serbia includes retail parks with almost 32,500 sq m of space in Subotica, Borča and Smederevo. In Slovenia, the acquisitions include three retail parks in Maribor, Krško and Ptuj with approximately 22,000 sq m of rentable space. The two retail parks purchased in Croatia with nearly 13,500 sq m of space are located in Osijek and Valpovo. Immofinanz said that further acquisitions are also under consideration. “These acquisitions will strengthen our position as the leading operator of retail parks in Europe, and the start of operations in Croatia will mark our entry into the new EU market, which is very attractive to our international leaseholders,” said Immofinanz operations manager Ditmar Reynald. He added the goal is to increase the number of “Stop shop” retail parks to more than 100.