BR’s 19 People to watch in 2019 | Fulga Dinu (Immofinanz): Investing in the quality of an office and retail portfolio

2018 was another successful year for Immofinanz. With a portfolio volume of EUR 4.3 billion, the company is one of the leading commercial real estate players in Europe concentrating on office and retail properties.

By Anda Sebesi

In Romania, Immofinanz has further strengthened its position with its three brands:  myhive for offices, VIVO! for shopping centers and Stop Shop for retail parks.

“Due to our clear brand policy as well as our focus on the needs and requirements of our customers, we managed to maintain the occupancy rate of our portfolio at a very solid level of about 95 percent and we gained a number of new tenants as well as extensions of existing contracts. Additionally, we are consistently pursuing our strategy of selling properties that no longer fit within our core portfolio and sold several larger land plots which are suited to residential development,” says Fulga Dinu, country manager operation at Immofinanz Romania.

Asked about the strategy for 2019, Dinu says the company is focusing on continuing to invest in the quality of its office and retail portfolio as well as in the offer for its tenants.

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“The office property market is highly competitive and offices must serve more than their basic purpose, and today the myhive concept is the best example I can give. The brand’s success relies on its hotel-inspired design, the wide range of provided services and the valuable community it creates among its tenants,” adds the manager.

At present, Immofinanz Romania already has three myhive buildings in Bucharest and plans to have more rebranded. “Regarding its retail portfolio, Immofinanz has a strong presence on the Romanian market, mostly represented by the four VIVO! shopping centers. We are closely monitoring consumer trends both on local and international markets and we keep adapting to their needs,” says Dinu.

She adds that due to its leading position within its core region and its international brand policy, its properties have a high recognition value and its brands are a well-known promise regarding quality and service. “For international retailers, our large retail platform including 10 VIVO! shopping centers and 80 Stop Shop retail parks in nine countries is of high interest. Additionally, as a stock-listed company which also has an investment grade rating we have a very solid financial position and very good access to capital markets,” she says.

In November last year, Immofinanz announced that it had purchased eight retail parks in Slovenia, Serbia and Croatia. The purchase price totals approximately EUR 90.5 million. The newly acquired properties are fully rented and generate annual rental income of roughly EUR 7.2 million, which represents a gross return of 8.0 percent. These transactions increase Immofinanz’s Stop Shop portfolio to over 567,000 sqm of rentable space and a carrying amount of approximately EUR 800 million. Further acquisitions are currently under evaluation, and two Stop Shops in Poland and Serbia are now in the active development phase. With a portfolio that reaches more than EUR 800 million, Romania is one of the company’s core markets. “By continuously updating to the market needs and trends, Immofinanz Romania is not only a valuable player on the market, but also a trend setter, considering the modern and unique myhive concept on the local market,” concludes Dinu.