EQS-News

IMMOFINANZ AG: IMMOFINANZ expands successful presence in Croatia with its European retail park brand STOP SHOP

EQS-News: IMMOFINANZ AG / Key word(s): Real Estate/Expansion IMMOFINANZ AG: IMMOFINANZ expands successful presence in Croatia with its European retail park brand STOP SHOP 22.12.2021 / 09:29 The issuer is solely responsible for the content of this announcement. IMMOFINANZ expands successful presence in Croatia with its European retail park brand STOP SHOP

- Expansion of long-standing presence on the attractive Croatian market

- Focus on medium-sized cities to organize basic local supplies

- Market analyses confirm demand for more than 20 additional STOP SHOP locations in this country

- Investment volume of approximately EUR 250 million for development projects over the next five years, construction has already started

- STOP SHOP combines practical, affordable basic supplies with a pleasant shopping experience that includes cafés, play areas and free WLAN

IMMOFINANZ is following its market entry in Italy with the expansion of its successful STOP SHOP retail park brand across the Adriatic region in line with the corporate strategy. In Croatia, plans call for an increase in the number of STOP SHOPs from the current level of four to more than 20 locations over the medium-term. The completion of a newly developed STOP SHOP and the expansion of an existing location are scheduled for the first half of 2022. Detailed market and location analyses indicated high demand by the Croatian population for decentralised, local supplies. This conclusion led to a decision by IMMOFINANZ to secure 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.

"Croatia is a promising market with a strong return to economic growth as well as rising disposable income and consumer confidence. We have held investments in this country for many years, including market entry with our STOP SHOPs in 2018. The feedback from local communities and our tenants has been very favourable. Many of our international retail tenants want to expand in Croatia - and our STOP SHOP format is ideally suited for this growth due to the size of the cities and demand by the population for affordable supplies in a pleasant shopping atmosphere", explained Dietmar Reindl, COO of IMMOFINANZ, on the company's strategy.