Central and Eastern Europe retail portfolio sells for €324m
Austrian listed property firm IMMOFINANZ has acquired 53 retail properties in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group for €324.2 million ($323.3 million).
The acquired portfolio has roughly 217,000 square meters (2.3 million square feet) of rentable space and is fully let with an occupancy rate of 99 percent.
“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 [$24.9 million] per year,” explained Radka Doehring, member of the IMMOFINANZ executive board. “Our retail portfolio will now grow to a total of 166 properties in 10 countries with over 1.3 million square meters [14 million