ING Real Estate Investment Management has acquired the Shopping Center 17 in Brunn am Gebirge, Austria. The project will be contributed to the ING Real Estate Property Fund Central and Eastern Europe (ING PFCEE), which was launched in December 2006.
The property, which opened in 1996, consists of a retail park of 12,000 m². The project is located in a very popular retail area comprising 325,000 m² of retail space, including Shopping City Süd, one of the largest shopping centers in Europe. This center offers 124,000 m² of retail area, including a leisure component.
The project is currently leased to 14 tenants including Plus (supermarket), Takko (fashion), DM (drug store), Leder & Schuh (shoewear), Security Land (security equipment) and a standalone Mc Donald's. The property includes 360 parking places.
"Retail in Austria is considered an attractive asset class and we are pleased with the first Austrian addition to our portfolio," said Martin Sabelko, Managing Director of ING Real Estate Investment Management Central Europe.
Source: ING Real Estate