OTP Property Investment Fund, administered by Hungarian bank OTP, has purchased the Sziget Center shopping mall in Hungary from CEE investor and developer Futureal as part of a deal to buy the Corvin Skypark office building.
The sale of the 25,000 m2 Corvin Skypark office complex was announced last week for a rumoured €130 mln. The Sziget Center shopping mall is located on Csepel Island near Budapest, next to the Tököl airport. The transaction volume was not disclosed.
'In the past two and a half years, we have managed to perform a successful repositioning of Sziget Center by attracting the largest brands and thus tripling leasing income of the shopping mall,' commented Gábor Futó, founder of Futureal Group.
'The essence of this process was to strengthen the shopping centre’s convenience offering, while creating strong fashion supply. Thanks to the great infrastructure and location, the centre is expected to bolster its supply with further international retail chains and increase its popularity among the residents of the area, becoming a truly dominant local centre,' Futó added.
Futureal purchased the Sziget Center in 2014.
'We have been looking to purchase high-end logistic and retail properties with high yield potentials,' said Dr. Zsolt Barna, president and CEO of OTP Real Estate Investment Fund Management Ltd.
'We are confident that our latest investment, Sziget Center fits this bill perfectly. However this purchase is not the last step in the process, we are still looking for projects in Budapest and the surrounding areas,' he concluded.
