Corporate News
20.10.2016

IMMOFINANZ expands with VIVO!: Start of construction on the VIVO! shopping center in Krosno, Poland

IMMOFINANZ will soon start construction on a further shopping center under its VIVO! brand in the Polish city of Krosno. The new shopping center will have approx. 21,000 sqm of rentable space for more than 60 shops. Pre-rentals are successfully underway, with the future tenants including H&M, Media Markt and Helios Cinema. The investment costs will total approx. EUR 34 million, and the opening is planned for the fourth quarter of 2017. The VIVO! Krosno will be the third VIVO! shopping center in Poland.

VIVO! is the IMMOFINANZ brand for shopping centers. They are designed for cities with a catchment area of at least 200,000 residents and are characterised by strong anchor tenants and an attractive branch mix. VIVO! combines shopping with an experience factor and is directed to the entire family. The shopping centers are generally single-storey and have a high recognition value, which makes them ideally suited for further growth. The first VIVO! shopping centers were opened during 2014 and 2015 in Poland.

In addition, IMMOFINANZ is currently working on the roll-out of the VIVO! brand in Romania. The four shopping centers in that country are being rebranded: the Polus Center Cluj will become the VIVO! Cluj, the Maritimo Shopping Center Constanta will become the VIVO! Constanta, Pitesti Mall will become the VIVO! Pitesti and the Gold Plaza Baia Mare will become the VIVO! Baia Mare. The rebranding of these fully rented shopping centers with combined rental space of 147,000 sqm will be completed in 2017.

“We are focusing primarily on medium-sized and smaller cities for the expansion of our retail portfolio. Based on their size and offering, the VIVO! shopping centers are optimally suited for these types of locations“, indicated Dietmar Reindl, COO of IMMOFINANZ. “A high degree of standardisation allows for cost efficiency and synergies for our tenants, and also for us as the landlord.“

On IMMOFINANZ
IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of eight core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The management and development of properties form the group’s core business. The STOP SHOP (retail), VIVO! (retail) and myhive (office) brands create strong focal points for these activities and stand for quality and service. The real estate portfolio has a value of approx. EUR 5.4 billion and covers more than 360 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com

Photo(c)IMMOFINANZ_VIVO_Krosno.jpg