Immofinanz Buys Retail Parks In Serbia, Croatia & Slovenia

Austrian real estate investor and developer Immofinanz Group has purchased eight retail parks in Slovenia, Serbia and Croatia for a total of 90.5 million euro ($102 million), the company said on Wednesday.

The newly acquired properties are fully rented and generate an annual rental income of roughly 7.2 million euro, which represents a gross return of 8.0%, Immofinanz said in a statement.

The seller of the locations in Slovenia and Croatia is the MID Group, while the properties in Serbia were bought from Serbia’s MPC Group.

The transactions increase Immofinanz’s Stop Shop portfolio to 80 locations in nine countries with over 567,000 sq m of rentable space and a carrying amount of approximately 800 million euro, the company said.

“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,” COO Dietmar Reindl noted.

The real estate package in Slovenia includes three retail parks in Maribor, Krsko and Ptuj with roughly 22,000 sq m of rentable space. Immofinanz’s Slovenian retail park portfolio will now grow to nine locations with 52,300 sq m of rentable space.

The two retail parks purchased in Croatia have nearly 13,500 sq m of rentable space in total and are located in Osijek and Valpovo.

The acquisitions in Serbia involve retail parks with roughly 32,500 sq m of rentable space in Subotica, Borca and Smederevo. The Stop Shop brand in this country will now have nine locations with 83,600 sq m of rentable space.

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