IMMOFINANZ Group has acquired a new major tenant in the Hungarian retail market with H&M and concluded two new long-term leases. This international fashion chain will soon open outlets on approx. 3,000 sqm of usable space in two Hungarian STOP SHOP retail parks. The leases cover two floors in Budapest Obuda (1,650 sqm) and Erd (1,419 sqm), with the opening of both H&M shops scheduled for this month. Further H&M branches in the Hungarian STOP SHOP portfolio are planned by autumn 2014.
“In spite of the challenging market conditions in Hungary, we have been very successful with new rentals – that speaks for the attractiveness of the STOP SHOP retail concept and our professional asset management“, comments Eduard Zehetner, CEO of IMMOFINANZ Group. “International retail chains can depend on our expertise, reliability and IMMOFINANZ Group’s extensive network. The STOP SHOP s have been successful in the CEE region for ten years. Our current goal is to further strengthen the brand: we launched it in Austria during the past autumn and are now preparing further expansion steps for Poland.“
14,000 sqm leased in the financial year 2012/13
In addition to the above-mentioned leases, IMMOFINANZ Group has rented 14,000 sqm of retail space in Hungary in the financial year 2012/13. The tenants include national firms as well as well-known international companies like Deichmann, DM and Fressnapf. Taking into account the two forthcoming openings, the occupancy rate in the asset class retail in Hungary will have reached almost 89%.
The STOP SHOP concept
The STOP SHOP retail concept was developed in 2002 and has since proven to be very successful in Central Europe. These retail parks are convincing with their uniform quality standards, practicality and high recognition value. As the operator, IMMOFINANZ Group works steadily on the further development and improvement of its STOP SHOP s, which are all located close to large, well-known supermarkets. The locations are selected for their close proximity to population centres that cover catchment areas of 30,000 to 150,000 residents. That gives tenants high, stable visitor frequency. With an attractive and broad mix of retail outlets, STOP SHOP offers customers an efficient and satisfying shopping experience.
12 STOP SHOP s in Hungary, 43 in Central Europe
In Hungary IMMOFINANZ Group is currently represented with 12 STOP SHOP retail parks on 114,000 sqm of rentable space. The portfolio also includes 31 retail parks in five CEE countries: with nine in the Czech Republic, ten in Slovakia, one in Poland, two in Slovenia and, since October 2012, nine in Austria. Further expansion is planned for the coming years with a focus on the Polish market.