Erste Real Estate Fund has acquired a 4,400-m[sup]2[/sup] property in Szeged occupied by electronics retailer Media Markt in one of the few significant property transactions in Hungary this year. The vendor is Caelum Development. The parties agreed not to disclose the price.
Erste Real Estate Fund has acquired a 4,400-m2 property in Szeged occupied by electronics retailer Media Markt in one of the few significant property transactions in Hungary this year. The vendor is Caelum Development. The parties agreed not to disclose the price.
Cushman & Wakefield (C&W) acted for Caelum Development. The buyer is a fund operated by Central European financial services group Erste Bank.
The building is fully let Media Markt and was sold with a 4.5 year unexpired lease term. The deal represents one of the few investment transactions to have occurred in Hungary in 2010 and marks Caelum Development's departure from the market after its decision to concentrate on its core market of Poland, C&W said.
Charles Taylor, managing director at Cushman & Wakefield in Hungary said: 'Slowly, we are seeing an increase in the number of transactions as the investment market re-starts. With the first signs of economic recovery evident investors are once again appraising the opportunities in Hungary and assessing their risk/return parameters'. Balázs Pázmány, head of Erste Fund Management's board added: 'We are happy to have concluded this transaction and to have bought a building which is fully let to a well known electronics retailer. The building perfectly fits the requirements of Erste Real Estate Fund as we continue to show our dominance on the local market.'
