IMMOFINANZ closed the first half of 2022 with a very strong performance. Rental income reached a high level of EUR 144.2 million, the results of asset management improved by 3.0% to EUR 110.0 million, and sustainable FFO 1 from the standing investment business rose by 6.1% to EUR 78.7 million.
IMMOFINANZ successfully completed a solid start into the 2022 financial year. Like-for-like rental income rose by 4.3% in the first quarter, the occupancy rate remained high at 94.4%, and FFO 1 before tax was stable at a very good level of EUR 34.4 million
The popularity of retail parks in Serbia continues to grow. Last year we have seen the opening of four new retail parks across the country, acquisitions of six existing retail parks, and the announcement of new retail park developments for 2021.
The government authorities in all countries where IMMOFINANZ owns and operates retail properties have recently imposed restrictions and implemented various measures to contain Covid-19. IMMOFINANZ gives us a break down on how these measures will affect their retail business and how they have implemented a cost savings programme.
IMMOFINANZ has announced that they will expand their STOP SHOP retail park portfolio to 90 locations in nine countries by the end of 2019. With recent acquisitions and developments the portfolio will in total comprise of over 650,000 sqm of rentable space and will have a book value of approximately 900.0 million EUR.
The Belgrade office of the US based real estate consultancy company CBRE has successfully advised MID Group on the sale of five retail parks in Slovenia and Croatia to Austrian real estate company IMMOFINANZ, for a total of just under 50 million EUR.
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