IMMOFINANZ aquires retail portfolio from CPIPG

As part of its value-creating 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 sqm of rentable space and is fully let with an occupancy rate of 99 percent. The purchase price totals €324.2 million. The purchase contract was signed today, together with the closing for 36 retail properties in the Czech Republic and Poland which have 108,000 sqm of rentable space. The purchase price of €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 resilient, high-return retail portfolio. The acquisition will not only accelerate the expansion of our leading position in the retail park market in Europe and strengthen our STOP SHOP brand, but it will also sustainably reinforce IMMOFINANZ’s earning power with a stable rental income of roughly €25 million per year,“ Radka Doehring, member of the IMMOFINANZ Executive Board, explained.

(WBJ)