ADVERTISEMENT

IMMOFINANZ expands portfolio to include sustainable housing

Residential

IMMOFINANZ is now expanding its real estate offering to include affordable and sustainable housing, with the company planning to create up to 12,000 apartments over the medium term, according to a press release sent to the Budapest Business Journal.

With the company's new Top on STOP concept,  STOP SHOP retail parks will be overbuilt to create low-price, resource-friendly housing directly adjacent to local suppliers and recreational facilities.

"In view of the scarcity and increasing cost of inner-city land and the current housing shortage, we have a massive resource with Europe’s largest network of retail parks. With Top on STOP, we now want to make the best use of this opportunity and, as an experienced real estate developer, offer affordable and sustainable housing and support the responsible use of valuable land resources," explained Dietmar Reindl, COO of IMMOFINANZ, on the strategy.

"In this way, we are meeting three of the greatest challenges of our time: We are advancing densification and fighting ground sealing. We are creating high-quality housing for people with lower and middle incomes. And we are building climate-neutral housing with our planned wood construction and ecological energy concepts," added Reindl.

IMMOFINANZ‘s STOP SHOP portfolio currently covers roughly 100 locations in 10 European countries, and plans call for an increase to 140 properties over the coming years.

Stefan Schönauer, CFO of IMMOFINANZ, said, “Over the medium term, we plan to overbuild roughly 50% of our current and future STOP SHOP locations with affordable rental apartments. That would represent up to 600,000 sqm of residential space or nearly 12,000 smart and sustainable apartments. We are starting with pilot projects in Austria and the neighboring countries and – as with our other real estate products – a high degree of standardization will then allow for rapid roll-out. Another benefit involves the lower investment costs since we are building on existing properties. This will also generate an attractive residential return for our shareholders in this segment."

Modular wood construction will allow for combinations ranging from mini-lofts to family apartments, apartments with home office rooms or separate units for guests or caregivers. The climate-neutral energy concept includes the use of photovoltaics, heat recovery and geothermal energy as well as the unsealing of land through greening and the installation of common areas like playgrounds, meeting zones or rooftop gardens. The first pilot project has already started and will be implemented quickly after municipal permits.

ADVERTISEMENT

Average age of coronavirus patients declining Analysis

Average age of coronavirus patients declining

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.