Austrian group Immofinanz, one of the largest real estate investors in the Romanian market, has completed the takeover of the Family Center retail park in Botosani, North-Eastern Romania this month.

It will be the first retail park in Romania affiliated to the STOP.SHOP Immofinanz brand. The one in the central city of Brasov, which was announced last year, will be completed in 2018.

The Family Center retail park was developed by Oasis Development and Real4You, near the Kaufland store in the city. It was opened in November 2016, following an investment of EUR 7 million and with a rentable area of 6,000 sqm.

Besides acquiring the retail park in Botosani, Immofinanz has increased its STOP.SHOP portfolio by almost 24,000 sqm, after acquiring two other properties in Hungary.

Immofinanz saw a rental income of EUR 12.2 million in Romania in the first quarter of the 2017 financial year. This represents 21.4% of the group’s total rental income.

Immofinanz owns 17 completed properties in Romania with a value of EUR 624.6 million.

editor@romania-insider.com