GE Real Estate Central & Eastern Europe has acquired a shopping center in Nitra, Slovakia from major Slovak developer EuroMAX Slovakia, a.s. for a price of exceeding €23 million.
The 15,000-m² retail center which opened in December 2006, is anchored by local food chain Terno and comprises 90 specialty stores and a multiplex cinema.
This is the fourth regional shopping center developed by EuroMAX. The other three centres, located in Trnava, Trencin and Poprad, were also acquired by GE Real Estate in 2006.
Karim Habra, Managing Director of GE Real Estate Central and Eastern Europe, commented: "We are delighted to have acquired another retail asset in Slovakia from EuroMAX, our fourth in the past 12 months, cementing a very strong relationship. This transaction further demonstrates our commitment to Central Europe and our underlying strategy for growth in the region. The retail market is strengthening across Central and Eastern Europe and we believe that Slovakia will continue to benefit from this trend."
Source: GE Real Estate