Global property adviser Jones Lang LaSalle has confirmed that Allianz Real Estate Germany has acquired 50% of Allee Shopping Centre in Budapest for a price exceeding EUR 100 mln. ING Real Estate Development, the developer of the centre, is retaining the other 50%.
Global property adviser Jones Lang LaSalle has confirmed that Allianz Real Estate Germany has acquired 50% of Allee Shopping Centre in Budapest for a price exceeding EUR 100 mln. ING Real Estate Developer, the developer of the centre, is retaining the other 50%.
JLL said this is the first major investment transaction seen in the Hungarian capital since the property markets retreated and the first acquisition of a shopping centre by Allianz outside Germany.
Allee Shopping Centre opened fully leased in November 2009, comprises some 47,000 m² and is anchored by Interspar, Inditex Group, Van Graaf, H&M, C&A and Electroworld as well as a 13-screen cinema. There is an additional 7,000 m² of offices.
Allianz was represented by JLL.
Benjamin Perez Ellischewitz, head of Capital markets for Hungary at JLL said: 'Allee Shopping Centre has asserted itself as a new leading retail scheme on the Budapest market and we think that Allianz’s investment at this point in the cycle was perfect timing.'