With the acquisition of numerous shopping centres, is Croatia entering a new European retail market?
As Ana Blaskovic/Poslovni Dnevnik writes on the 15th of November, 2018, the consolidation process continues on the domestic real estate market; with Austria’s Immofinanz announcing the takeover of two shopping centers, STC Osijek and STC Valpovo, as part of a larger regional transaction worth about 90.5 million euro.
Immofinanz is also taking over eight ”retail” parks in Slovenia and Serbia, as well as here in Croatia, totaling about 68,000 square metres. The value of the part of the transaction pertaining to the Republic of Croatia has not yet been published, but the entire package, Croatia’s part relates to the smallest surface area of approximately 13,500 square metres, from which the Austrian MID group is leaving, the group is probably best known for its relations with the Garden Mall in Zagreb, which was sold to Supernova earlier.
In addition to Croatia, the MID group handed over three ”retail” parks in Maribor, Krško and Ptuj in neighbouring Slovenia to Immofinanz, totaling 22,000 square metres. Owing to that, Immofinanz’s Slovenian portfolio has risen to 52,300 square metres of rentable surface.
The Serbian retailer is MPC group, founded by Serbian businessman Petar Matić, and according to the latest available data, a third of the company was sold to Atterbury Europe back in 2015. Acquisitions in Serbia include 32,000 square feet of rentable land in Subotica, Borčija, and Smederevo. Stop Shop, Immofinanz’s brand of retail parks, will in the future operate in nine locations and across 83,600 square metres.
Among the dealers are very well known names like Deichmann, H&M, C&A, Takko, KiK and Jysk, and the shopping centres will soon undergo rebranding, after which they will operate under Immofinanz’s Stop Shop concept.
“These acquisitions reinforce our position as the leading European ”retail” park operator, and, when speaking about Croatia, this marks our entry into a new European retail market that is extremely interesting to our international leasing companies. Good locations, excellent business, good competitiveness of local situations and classical ones, and a healthy mix of tenants are the main features of these attractive investment opportunities,” said Dietman Reindl, the executive director of Immofinanz in a statement.
The reporters say that the exit of MID from two more centres (after leaving Zagreb’s Garden Mall and centres in Koprivnica and Sisak) is the expected consequence of the pace of the new cycle on the market given the fact that its strength lies in project development, and for it to be the operator.
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Click here for the original article by Ana Blaskovic on Poslovni Dnevnik
