Immofinanz has significantly expanded its retail portfolio in the 2022 financial year. As a result of acquisitions and completions, the portfolio has grown from 111 to 169 locations in ten European countries over the course of the year, with a carrying amount of approximately €2.3 billion (excluding S Immo). Rentable space increased by nearly 30% to approximately 1.36 million sqm.
The most recent growth steps in the fourth quarter of 2022 included the completion of three Stop Shop retail parks in the Croatian cities of Gospic and Velika Gorica as well as in Zielona Gora, Poland, and the now fully completed acquisition of a retail portfolio comprising 53 fully rented properties from the majority shareholder CPI Property Group (CPIPG). The closing for 38 properties in Poland, the Czech Republic and Hungary already took place in September and October. The acquisition of 15 retail properties in Slovakia was completed today. The acquisition of these 53 properties with approximately 217,000 sqm of rentable space is expected to result in an additional annual rental income of roughly €25.0 million.
“With the closing of this transaction, we are taking an important step in line with our strategy to strengthen our resilient and high-yield retail portfolio and to expand our leading market position for retail parks in Europe,” says Radka Doehring, Executive Chairwoman of Immofinanz.
Sale of Hungarian office properties to S Immo
Immofinanz has also completed the sale of its Hungarian office properties to the S Immo Group, in which it holds a controlling interest, before the end of the year. These properties consist of six buildings in Budapest with approximately 124,000 sqm of rentable space. The transaction volume amounted to approximately €244.1 million. Since Immofinanz has acquired a controlling interest of 50% plus 1 share in S Immo, this transaction has no impact on the Group’s asset, financial and earnings position.
