PL

CEE REGION Immofinanz acquires CPI retail portfolio for EUR 324 mln

Retail & leisure
Immofinanz has acquired 53 retail properties with app. 217,000 sqm of leasable space in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group for EUR 324.2 mln.

The purchase contract for the properties has now been signed, which includes the closing for 36 assets in the Czech Republic and Poland, which have 108,000 sqm of leasable space. The EUR 191 mln price for these was paid for 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.

The total annual gross rental income from the portfolio, which is 99 pct leased, is expected to come to EUR 25 mln.

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 EUR 25 mln per year. Our retail portfolio will now grow to a total of 166 properties in ten countries with over 1.3 mln sqm of leasable space.
Radka Doehring, a member of the Immofinanz’s executive board

The portfolio includes: 30 properties in the Czech Republic (89,300 sqm of leasable space with 98.7 pct occupancy); 15 properties in Slovakia (76,200 sqm of leasable space with 99.9 pct occupancy rate); six properties in Poland (18,200 sqm of leasable space with 92.2 pct occupancy); and two properties in Hungary (33,600 sqm of leasable space and with 100 pct occupancy).

CPI PG now holds a stake of around 77 pct in Immofinanz.

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