Redevco has purchased a prime retail property in the heart of Budapest's city centre from ING Real Estate Development for EUR 44 mln. The 6,250-m[sup]2[/sup] property is located at 1 Vörösmarty Square, the main square in the city's prime retail district.
Redevco has purchased a prime retail property in the heart of Budapest's city centre from ING Real Estate Development for EUR 44 mln. The 6,250-m2 property is located at 1 Vörösmarty Square, the main square in the city's prime retail district.
The three-floor property, which was completed in 2007, consists of retail units and 150 parking spaces. The retail units are fully let to international tenants including H&M, New Yorker, Pull & Bear, Café de Paris and Casino, all based on 10-year leases.
ING RED and Redevco have agreed to transfer the property before year-end 2010.
Jörg Bitzer, managing director Redevco said, 'This property is perfect for our portfolio due to its strategic location in the heart of Budapest and the high concentration of shops, restaurants, hotels and public buildings in the vicinity. Redevco is continuing to upgrade its portfolio by acquiring high-quality city centre retail properties.'
Redevco is an independent international real estate company, managing and developing one of the largest retail portfolios in Europe, valued at EUR 7.3 bn. The portfolio comprises over 750 properties in top locations throughout 18 countries.
