- Hans Weber
- February 1, 2023
Immofinanz acquires 53 retail properties in a 324 million Euro transaction
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 EUR 324.2 million.
The purchase contract was signed, 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 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 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 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.“
“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“, indicated Stefan Frömmel, Head of Group Transactions at Immofinanz.
Since the CPI Property Group holds roughly 77 percent of IMMOFINANZ shares, the acquisition is legally classified as a “transaction with related parties“.