CEE developer-investor Nepi Rockcastle has taken a controlling stake in the Mammut shopping centre in Budapest, Hungary, in a deal worth €254 mln.
Under the transaction, Nepi Rockcastle has acquired 100% of Mammut 2 and 81% of Mammut 1, which jointly form the Mammut complex in Budapest, from global private equity firm Lone Star.
With the deal Nepi Rockcastle becomes the owner of two shopping malls in Budapest, following last year’s purchase of Aréna Plaza.
Mammut is the largest shopping and entertainment centre on the Buda side of the city, offering 61,300 m2 of total gross leasable area in two buildings connected via a double-level pedestrian bridge.
The asset is currently 89% let, with key anchors including H&M, Interspar and Media Markt. The asset has a net operating income of €14.6 mln a year.
Dentons advised Nepi Rockcastle on the acquisition.
