Dipol Holdings Ltd has agreed to sell the Pólus Shopping Center in Budapest (Hungary) to the ING Property Fund Central Europe. The sale price for the Pólus Shopping Center is approximately €90 mln.
The Pólus Shopping Center (opened in 1996) has a gross lettable area of approximately 47,000 m² and over 2,200 parking spaces. The Pólus Center is situated in the populous northern part of Budapest along Szentmihályi út, close to the M3 motorway and generates an average monthly footfall of over 800,000 persons. The shopping centre is anchored by a Tesco hypermarket, a Media Markt electronics outlet and a C&A fashion store and has a total of 266 retail units (part of which are owner occupied). The centre is one of the first classic shopping malls that initiated a revolutionary change in the retail sector in the Central & Eastern European region. The property management of the centre will remain with Trigranit Management.
The shopping centre will be included in the portfolio of the ING Property Fund Central Europe LP. This closed ended property fund was launched in April 2004 and invests in retail and office properties in Central Europe. The Fund is fully committed in terms of equity and has a target portfolio size of €600 mln.
Source: ING Real Estate