ING RED seeks buyer for 50% of Budapest's Allee

Dutch development group ING Real Estate Development has confirmed that it is selling its remaining 50% stake in Budapest's Allee shopping centre.

'We are in talks with various parties, but cannot give confirmation on any names,' an ING RED spokesperson told PropertyEU.

German group Allianz Real Estate, which in late 2009 bought a half-share in the Budapest mall, is thought to be interested in taking full control of the scheme. The investor spent EUR 100 mln at the time to buy an initial 50% in the asset, in its first purchase of a mall outside its home country. Now that the asset has been trading successfully for over two years, it is likely to sell for slightly more.

Allianz Real Estate declined to comment.

Allee Shopping Centre opened fully leased in November 2009. It 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.