Money Buzz! Europa

Tag: Immofinanz

  • Immofinanz to invest over EUR 250 million in Croatia

    Immofinanz to invest over EUR 250 million in Croatia

    Immofinanz is following its market entry in Italy with the expansion of Stop Shop retail park brand in Croatia.

    In Croatia, plans call for an increase in the number of Stop Shops from the current level of 4 to more than 20 locations over the medium-term.

    The completion of a newly developed unit and the expansion of an existing location are scheduled for the first half of 2022.

    Immofinanz secured 22 sites in medium-sized Croatian cities for the development of Stop Shop retail parks.

    The purchase price for these sites totals approximately EUR 80 million. Investment volume for the new locations will total over EUR 250 million.

    The retail parks that will be built on these sites have more than 190,000 sqm of rentable space.

    Stop Shop units are opened in Slovakia (16), Slovenia (14), Hungary (14), Serbia (14), Austria (13), Czechia (12), Poland (10), Croatia (4), Italy (1), Romania (1).

    MUST READ: Immofinanz adds Italy to its Stop Shop retail park portfolio

  • Immofinanz to build 12.000 new apartments on top of STOP SHOP retail parks

    Immofinanz to build 12.000 new apartments on top of STOP SHOP retail parks

    With Top on STOP, single-storey STOP SHOP retail parks will be overbuilt to create low-price housing and to create up to 12,000 new apartments.

    Immofinanz‘s STOP SHOP portfolio currently covers roughly 100 locations in ten European countries, and plans call for an increase to 140 properties over the coming years.

    The potential for this new housing concept is, therefore, substantial.

    Over the medium term, we plan to overbuild roughly 50% of our current and future STOP SHOP locations with affordable rental apartments says Stefan Schönauer, CFO of IMMOFINANZ.

    The Top on STOP apartments will meet high sustainability criteria and includes the use of photovoltaics, heat recovery and geothermal energy.

  • Immofinanz adds Italy to its Stop Shop retail park portfolio

    Immofinanz adds Italy to its Stop Shop retail park portfolio

    Immofinanz‘s first acquisition in this country is the fully occupied Parco Fiore in the north Italian city of San Fior with roughly 27.000 sqm of rentable space.

    The retail park, which was completed in two phases during 2017 and 2019, had a sale price of approximately EUR 35.0 million.

    Stop Shop San Fior is located 37 kilometers north of Treviso and 60 kilometers north of Venice, in the heart of the Veneto region.

    Tenant mix include international retailers like C&A, Takko, MediaWorld, Decathlon, Roadhouse Grill and Burger King plus well-known Italian brands.

    The remaining term of the rental agreements (WAULT) totals roughly 7,7 years.

    Immofinanz‘s Stop Shop portfolio includes 99 retail parks in ten countries: Slovakia (16), Slovenia (14), Hungary (14), Serbia (14), Austria (13), Czech Republic (12), Poland (10), Croatia (4), Italy (1) and Romania (1).

  • Immofinanz buys former BCR HQ in Bucharest for EUR 36 million

    Immofinanz buys former BCR HQ in Bucharest for EUR 36 million

    BCR has concluded the ownership transfer of the landmark Bucharest Financial Plaza, the former headquarters of the company from Calea Victoriei to Immofinanz.

    Immofinanz plans a renovation of the property into a high-quality and green myhive building with a sustainability certification of at least Gold.

    Located next to the Old Town, Bucharest Financial Plaza is a landmark with 26.300 sqm GLA.

    The property was completed in 1998, being the most imposing building in the city at that time, and was refurbished in 2012.

    The building can be easily split between its two sections, Tower (17th floors) and Podium (6th Floors), and it has the largest natural illuminated atrium in the city.

    BCR moved its headquarters in 2020, in a 14.400sqm space, in Business Garden Bucharest, a LEED Platinum certified office complex.

  • Immofinanz expands its Stop Shop portfolio by eight locations

    Immofinanz expands its Stop Shop portfolio by eight locations

    Six fully rented retail parks in Serbia and the Czech Republic with roughly 43,000 sqm were purchased from Mitiska REIM, a Belgian investor specialised in these types of commercial properties.

    In addition, Immofinanz closed the purchase of a fully rented retail park (approx. 5,500 sqm) in Voitsberg, Austria, during the fourth quarter of 2020.

    The portfolio in Croatia will be increased by one property in the city of Ludbreg.

    The expected annual rental income from these recently acquired properties totals approximately EUR 5.7 million, and the gross return ranges up to 8.9% for example in Serbia.

    The Stop Shop portfolio now covers 98 locations in nine countries with nearly 720,000 sqm of rentable space and a carrying amount of approximately EUR 1 billion.

    Further acquisitions and internal development projects are currently in preparation.

    Acquisitions in Austria, Czech Republic and Croatia already completed

    The property acquisitions in Austria, the Czech Republic and Croatia have already been finalised.

    The retail park in Voitsberg, which was purchased from a local developer, raises the number of Stop Shops in Austria to 14 locations with roughly 67,000 sqm of rentable space.

    The two retail parks in the Czech cities of Prague and Litvinov with 14,700 sqm in total increase the Stop Shop portfolio in this country to 12 locations with nearly 88,000 sqm of rentable space.

    The real estate package in Serbia includes locations in Leskovac, Sabac, Sombor and Zajecar with roughly 28,200 sqm of rentable space.

    Immofinanz‘s Serbian Stop Shop portfolio will now include 14 properties with approximately 121,000 sqm. The closing is expected to take place in the first quarter of 2021.

    Immofinanz entered the Croatian market with its Stop Shops at the end of 2018. Together with the newly acquired property, the retailer has three STOP SHOPs with 16,400 sqm and further projects are in preparation.

  • Immofinanz signed contracts for more than 41.000 sqm in Bucharest

    Immofinanz signed contracts for more than 41.000 sqm in Bucharest

    One of the largest investors on the Bucharest office market, Austrian Immofinanz, signed contracts for more than 41.000 sqm during the first nine months of 2020.

    Contracts include prolongations and expansion of existing premises as well as new tenants, in the company’s office buildings – eight active properties, plus two office buildings in the process of refurbishing, all located in Bucharest and Voluntari.

    More than half of the contracts have been signed for IRIDE park and myhive S-Park, where several companies extended the renting period or leased additional areas.

    Among the new tenants in the Immofinanz portfolio are UNIVA, which has opted to rent an area of over 2.000 square meters in the Global Business Center building and Samsara, a Cluj-based brand, known as one of the first exclusively vegetarian restaurants, vegan and raw-vegan in the country.

    Samsara will open a production, delivery (pick-up) and catering center in IRIDE. At the same location, Hartmann and Tabac XPress rented new space.

    Pink Postmaster has extended the contract for the spaces in the Pipera II office building and in Pipera warehouse (for an area of approximately 2,000 square meters), and Grundfos Romania in the myhive S-Park building.

    Harman decided to continue collaborating with IMMOFINANZ for its offices in myhive Metroffice building for an area of more than 10,000 square meters.

  • Hartmann has a new office in the Immofinanz myhive IRIDE project in Bucharest

    Hartmann has a new office in the Immofinanz myhive IRIDE project in Bucharest

    Hartmann moves its office in Bucharest within the IRIDE Park project owned by Immofinanz.

    Hartmann leased a 500 square meters workspace in the myhive IRIDE | nineteen office building, the transaction being brokered by the real estate consulting company Cushman & Wakefield Echinox.

    The myhive IRIDE | nineteen office building, located in the north of Bucharest, on Dimitrie Pompeiu Street, is part of the IRIDE office park and is currently in a process of modernization.

    The myhive IRIDE | nineteen project has a leasable area of ​​over 18.000 square meters, for companies such as: Sodexo Romania and Rohde & Schwarz Topex.

  • Immofinanz rental income rose by 13.4% to EUR 74.0 million in Q1 2020

    Immofinanz rental income rose by 13.4% to EUR 74.0 million in Q1 2020

    Immofinanz rental income rose by 13.4% to EUR 74.0 million in the first quarter of the 2020 financial year, above all due to the expansion of the portfolio through acquisitions and completions.

    The results of asset management increased by 18.1% to EUR 59.5 million, and the results of operations were 18.0% higher at EUR 43.5 million.

    However, the revaluation results of EUR -45.0 million from standing investments and goodwill reflect the adverse effects of the Covid-19 pandemic. Net profit for Q1 2020 was therefore negative at EUR -37.6 million.

    Occupancy rate stable at high level

    The real estate portfolio included 211 properties with a combined carrying amount of approximately EUR 5.1 billion as of 31 March 2020. Most of these properties – 92.2% or EUR 4.7 billion – are standing investments.

    Of this total, 64.7% are attributable to the office business and 35.2% to the retail business.

    The occupancy rate remained nearly constant at 96.4% (31 December 2019: 96.8%). The gross return equalled 6.1% based on IFRS rental income and 6.4% based on invoiced rents.

    Covid-19 update

    The legal regulations implemented to contain Covid-19 have been gradually lifted in recent weeks, beginning with mid-April in Austria, in nearly all countries where Immofinanz owns retail properties. At the present time, 79%
    of Immofinanz’s retail space has reopened.

    Romania represents an exception, where the four VIVO! shopping centers are still closed.

  • Immofinanz increases net profit by roughly 62% in 2019

    Immofinanz increases net profit by roughly 62% in 2019

    • Rental income +18.1% and results of asset management +19.1%. Occupancy rate at record 96.8%.
    • Robust balance sheet: net LTV of 43.0%, liquid funds of EUR 345.1 million at year-end 2019.

    Immofinanz net profit rose by 61.9% to EUR 352.1 million and goes hand in hand with a solid financial position: cash and cash equivalents total EUR 345.1 million.

    In order to strengthen this very good cash position, an unsecured revolving credit facility of EUR 100 million was concluded at the end of March 2020.

    The results of asset management improved by 19.1% to EUR 207.3 million (2018: EUR 174.0 million).

    The results of property development totalled EUR -12.4 million (2018: EUR -4.3 million) and were influenced, among others, by higher construction costs for development projects and expenses for real estate inventories.

    As a consequence, the operating profit (EBIT) more than doubled to EUR 345.6 million (2018: EUR 159.1 million).

    The SIMMO investment represented the main component in 2019 (EUR 76.9 million). Financial results were again positive and amounted to EUR 4.5 million (2018: EUR 44.2 million).

    Net profit rose by 61.9% to EUR 352.1 million in 2019 (2018: EUR 217.5 million). Basic earnings per share equalled EUR 3.37 (2018: EUR 1.97) and diluted earnings per share EUR 3.03 (2018: EUR 1.80).

    Record occupancy level

    The real estate portfolio included 213 properties with a combined carrying amount of approximately EUR 5.1 billion as of 31 December 2019. Most of these properties – 92.7% or EUR 4.7 billion – are standing investments.

    Acquisitions and completions led to an increase of more than EUR 1.0 billion or 27.7% in the standing investment portfolio during the past year.

    The occupancy rate reached a record level of 96.8% (31 December 2018: 95.8%). The gross return equalled 6.2% based on IFRS rental income and 6.5% based on invoiced rents.