Independent real estate fund manager Europa Capital announced on Thursday that it has acquired the controlling interest in a 3.6-hectare site close to the centre of Presov, the third largest city in Slovakia, for the development of a 30,000 m[sup]2[/sup] shopping centre. The acquisition was carried out with ConvergenCE, Europa's partner in Hungary and Slovakia, on behalf of Europa Fund II. Europa said the site has the capacity for up to 50,000 m[sup]2[/sup] of development.
Independent real estate fund manager Europa Capital announced on Thursday that it has acquired the controlling interest in a 3.6-hectare site close to the centre of Presov, the third largest city in Slovakia, for the development of a 30,000 m2 shopping centre. The acquisition was carried out with ConvergenCE, Europa's partner in Hungary and Slovakia, on behalf of Europa Fund II. Europa said the site has the capacity for up to 50,000 m2 of development.
The financial details of the transaction were not disclosed.
Alan Vincent, managing director of ConvergenCE, said: 'This project will broaden the retail and leisure offer available in the central area of Presov to which many customers are already drawn by the existing retail facilities of Tesco, BauMax and Nay electronics. Together with the planned new shopping centre this will form a retail concentration of over 50,000 m2 as the predominant modern retail concentration in Presov.'
ConvergenCE will be the developer and asset manager of the project. Europa Capital and ConvergenCE are already co-operating on a number of projects including the Eiffel Square, City Point 9, and City Point 15 projects in Budapest.
Since 1995, Europa Capital five real estate funds and committed to over 50 transactions totalling in excess of EUR 4.4 bn across 14 European countries. Europa Capital operates two pan-European closed ended real estate funds, which invest across the EU, Norway and Switzerland.