ARTICLES LABELLED WITH TAG Immofinanz

Immofinanz assigned Novaston to support the opening of their Stop Shop retail park in Sremska Mitrovica. All four Novaston platform sister companies were involved in the services. Novaston Asset Management supported with leasing services, while Novaston Facility Management assisted with technical support. Moreover, Novaston Project Management helped organizing tenant coordination, while Novaston Marketing Consultancy was involved with the opening event and marketing promotion.

Budapest-based commercial real estate investor and developer, ConvergenCE has announced the acquisition of the Central Business Center office building in the 2nd district of Budapest. ConvergenCE acquired the building in Horvát Street from Immonfinanz.

Immofinanz is driving the steady growth of its Stop Shop retail park brand, as previously announced, with a next step that includes the expansion of the portfolio to 90 locations. The most recent acquisitions include six fully rented retail parks in Slovenia and Poland with roughly 54,000 sqm of rentable space. The annual rental income based on invoiced rents amounts to approximately €6.6 million, which represents a gross return of 8.6%.

Following the acquisition of the Warsaw Spire Tower high-rise, Immofinanz is taking a further step to optimise its office portfolio in Warsaw. A new multifunctional concept was prepared for the EMPARK office location, which originally covered 117,000 sqm of rentable space, to meet the demand for mixed-use through the inclusion of residential and commercial areas. Immofinanz plans to concentrate on the management and further modernisation of the four EMPARK office buildings, while the section designated for housing will be sold to the Polish developer Echo Investment.

Immofinanz has successfully finalised the acquisition of the Warsaw Spire Tower through the purchase of the respective real estate holding companies. The closing took place today, 11 July 2019, following the release of the transaction by the Polish antitrust authorities. The sellers are the Ghelamco Group, which completed the tower in 2016, and Madison International Realty, a global real estate private equity firm. The agreed property value for the office tower equals roughly €386.0 million. The expected annual rental income based on invoiced rents totals approximately €19.6 million.

Immofinanz is making a further strategic acquisition in the office sector with the purchase of the Palmovka Open Park in Prague through the takeover of the related real estate holding companies. This office location consists of three buildings with 25,800 sqm of rentable space. The agreed property value amounts to €76.4 million, and the expected rental income totals roughly €4.4 million per year. The seller is Metrostav Development, the project development company which completed the property in 2018. The seller was represented by Knight Frank.

Immofinanz is acquiring the Warsaw Spire Tower Building in the Polish capital through the purchase of the respective property holding companies. This roughly 220 metre-high office tower has approximately 71,600 sqm of rentable space, with roughly 65,000 sqm representing offices and the remainder used primarily for retail purposes. The agreed property value for the office tower amounts to approximately €386.0 million. The expected annual rental income based on invoiced rents totals roughly €19.6 million. The sellers are Ghelamco Group, which completed the tower in 2016, and Madison International Realty, a global Real Estate Private Equity Firm.

BNP Paribas Real Estate has been mandated by Immofinanz to provide property management services as of January 2019 in respect of approximately 160 000 sqm of the Hungarian office portfolio owned by Immofinanz.

Immofinanz is continuing the expansion of its Stop Shop retail park chain in Serbia with its tenth Stop Shop retail park, located in Sremska Mitrovica.

Immofinanz has purchased the remaining 50% of the Na Příkopě 14 building in Prague from Lordship and become the sole owner. The revitalised historic prime high street building, located on the prestigious Prague shopping street in the city centre, is almost 100% occupied. The parties to this transaction have agreed not to disclose the purchase price.