Immofinanz is driving the expansion of its Stop Shop retail park brand and has now purchased eight retail parks in Slovenia, Serbia and Croatia. The purchase price totals approximately €90.5 million. The newly acquired properties are fully rented and generate an annual rental income of roughly €7.2 million, which represents a gross return of 8.0%. These transactions increase Immofinanz’s Stop Shop portfolio to 80 locations in nine countries with over 567,000 sqm of rentable space and a carrying amount of approx. €800 million. Further acquisitions are currently under evaluation, and two Stop Shops in Poland and Serbia are now in the active development phase.
Deputy Mayor of Belgrade, Goran Vesić and CEO of MPC Properties Ingo Nissen have officially laid down a foundation stone at the construction site of a new shopping centre in Belgrade with over 43,000 sqm of sales space and a total built area of 130,000 sqm. The project is a joint venture of MPC Properties, the largest investor in the region of South-East Europe and Atterbury Europe, focused on shopping centre investments and retail development opportunities in Europe, which will collectively invest more than €110 million in this project.
Ikea intends to complete the construction of a €50 million retail park in Belgrade by the end of 2020, the company’s CEO for SEE, Stefan Vanoverbeke said.
As of August 2018, the Radisson Collection Hotel, Old Mill Belgrade began a new chapter as the latest addition to the premium lifestyle collection of hotels by Radisson Hotel Group.
CTP plans to invest €75 million in the acquisition of properties in Belgrade and Novi Sad as well as further developments all totalling 120,000 sqm of lettable area.
Belgrade’s real estate market continues to grow cautiously. Prime yields currently stand at 8.50% for offices, 8.00% for shopping centres and 9.75% for industrial assets, according to JLL’s Belgrade City Report for Q1 2018.
Immofinanz has opened two further retail parks in its Stop Shop brand. The Stop Shop portfolio has now grown to 72 locations with roughly 500,000 sqm of rentable space in eight countries. The new properties are located in the Serbian cities of Požarevac (7,200 sqm) and Vršac (8,250 sqm). Both locations are 100% rented. The tenants include, among others, LC Waikiki, Reserved, Sinsay, CCC, Deichmann and DM.
KD Funds, one of the largest and oldest asset managers in South East Europe and Peakside Capital, an international real estate investor, announced the launch of the KD Adriatic Value Fund, Special Investment Fund, the first regulated real estate alternative investment fund (AIF) in Slovenia.
Decathlon, the world's largest sports retailer, is now entering Serbia. Partnering with BIG CEE group, the retailer plans to open its first store in Q2 2019 at Big Fashion Park Belgrade.
Gemini Park Tarnów will see the debut of the first Unisono shop in eastern Małopolska. The new tenant will occupy a 152 sqm unit. The store will open later this year.
The Gemini Park Tychy shopping centre is extending cooperation with its long-standing partner, the Silesia Jeans brand. The multibrand, which offers brands such as Levi's, Mustang, Lee and Wrangler, will soon open its second shop in the Tychy mall. The new store will be filled with clothes and accessories from two American fashion brands: Tommy Jeans and Calvin Klein Jeans. The new unit will be 140 sqm in size and is scheduled to open in the first quarter of 2023.
Building E belonging to the Nowy Rynek complex developed by Skanska in Poznań, although still under construction, is already attracting its future tenants. The international company Wunderman Thompson Technology will open its office here on approximately 2,000 sqm.
New appointments
108 Agency promoted Matej Indra to Head of Industrial Agency for the Czech Republic.
Michał Ozimek has joined the Valuation department at Corees Polska - Commercial Real Estate, taking up the position of Senior Valuation & Investment Analyst. Working in the agency's Warsaw branch, he will be responsible for supporting processes related to the development of property valuations.
P3 Logistic Parks strengthens its team in Poland. Having worked as Deputy Head of Leasing since 2019, Iwona Sadowska has now been promoted to the position of Head of Leasing.
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