ING Real Estate has announced the €110 million acquisition of the Campona shopping center in Budapest, Hungary, from Compagnie Immobilière de Belgique. The property will be added to the ING Property Fund Central and Eastern Europe, a semi-open ended real estate fund with a target size of €1 billion.
The Campona shopping center
Located 11 km southwest of Budapest's city center, the shopping center is a double-story multi-tenant property that opened in 1999 and comprises 145 shop units with a total occupancy level of over 97%. The shopping center's anchor tenants include C&A, H&M Electro World, Hervis and a Tesco hypermarket (which is fully integrated into the mall but not part of the acquisition), in addition to an 11-screen cinema, a food court and a tropicarium. Other major international tenants include McDonalds, Orsay, Springfield, Douglas, Bijou Brigitte and Promod. The shopping center has a gross lettable area of 39,387 m² (excluding the hypermarket) and a three-level car park with 1,500 spaces.
Commenting on the acquisition, Max de Groot, Head of Acquisitions Central and Eastern Europe, ING Real Estate Investment Management, said, "We are delighted to have acquired the Campona shopping center, which is a well established center with considerable growth potential. Hungary is an important market for us and this property does not have serious competition in its large and densely inhabited catchment area."
Source: ING Real Estate