This is the first major investment transaction seen in the Hungarian capital since the property markets retreated and the first acquisition of a shopping center by Allianz outside Germany.

Allianz was represented by Jones Lang LaSalle.

Benjamin Perez Ellischewitz, Head of Capital markets for Hungary at Jones Lang LaSalle added: “Allee Shopping Centre has ascertained itself as a new leading retail scheme on the Budapest market and we think that Allianz’s investment at this point in the cycle was perfect timing.”

Source: JLL