REDEVCO has purchased a 6,250-m² prime retail property in the heart of Budapest's city center from ING Real Estate Development for 44 million. The property is located at 1 Vörösmarty Square, Budapest's main square in the city's prime retail district.
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The retail units are fully let to international tenants.
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. Parties have agreed to transfer the property before year end 2010.
Jörg Bitzer, Managing Director REDEVCO Central Europe: "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 center retail properties."
Source: REDEVCO
Jörg Bitzer, Managing Director REDEVCO Central Europe: "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 center retail properties."
Source: REDEVCO
