Gránit Asset Management, acting on behalf of the Magyar Posta Takarék Real Estate Investment Fund, has signed a sale and purchase agreement with international real estate investment firm Revetas Capital for the acquisition of the Park Center portfolio in Hungary. The transaction comprises 12 retail parks and single-tenant retail units totalling 45,000 m² of GLA across key regional cities, including Sopron, Mosonmagyaróvár, Miskolc, Debrecen, Zalaegerszeg, Siófok, Dunaújváros, Nagykanizsa, Marcali, Tolna, Szekszárd and Szentlorinc.
The asset deal, subject to customary closing conditions and approval from the Hungarian Competition Authority, will see Gránit Asset Management operate the expanded portfolio under the Zone Retail Park brand name. This consolidation creates a unified, nationwide retail platform of 17 strip mall shopping centres under single management, increasing retail space from 97,800 m² to more than 142,000 m². The properties, most of which were developed in the 2000s, are nearly 100% leased to strong tenants such as C&A, Deichmann, Intersport, Libri, McDonald's and Müller.
"This acquisition is an important strategic step in strengthening the domestic retail market. Through the Park Center units integrated into the Zone Retail Park network, we are creating a unified, nationwide platform that enables sustainable operation, strengthens tenant confidence and creates long-term stable value for both investors and shoppers," said Álmos Mikesy, Chairman of the Board and CEO of Gránit Asset Management.
For investors and developers, this transaction signals a significant shift in Hungary's retail property landscape, as consolidation creates operational efficiencies and economies of scale that were previously unattainable under fragmented ownership. The unified management structure is expected to streamline negotiations for national retail chains seeking multi-location lease agreements, whilst providing enhanced data analytics across the portfolio for optimising tenant mix and rental yields.
"We are pleased to cooperate with a leading Hungarian investment manager such as Granit Asset Management, whose investment strategy aligns with our long-term vision for the portfolio of assets and its valuable tenants. Since the initial acquisition as part of a restructuring agreement in 2013, we have adopted a hands-on asset management approach, implementing targeted investments in tenant improvements and operational enhancements," concluded Vlad Dragoescu, Partner and CEE Head of Portfolio Management, Revetas Capital.
Gránit Asset Management was supported by Kinstellar, Sentient and Grandum Real Estate in the transaction process. CMS acted as legal adviser to Revetas Capital, whilst Cushman & Wakefield represented the seller as the broker in the transaction. Gránit Asset Management currently manages more than €3.3bn in assets, making it one of Hungary's most dynamically developing players in the wealth management sector.
People mentioned:
- Álmos Mikesy, Chairman of the Board and CEO, Gránit Asset Management
- Vlad Dragoescu, Partner and CEE Head of Portfolio Management, Revetas Capital
- Attila Csonka, Head of Marketing and Communications, Gránit Asset Management
- Luiza Chesler, Senior Marketing Manager, Revetas Capital
Companies mentioned:
- Gránit Asset Management, Asset Manager
- Revetas Capital, International Real Estate Investment Firm
- Magyar Posta Takarék Real Estate Investment Fund, Investment Fund
- Kinstellar, Legal Adviser
- Sentient, Adviser
- Grandum Real Estate, Adviser
- CMS, Legal Adviser
- Cushman & Wakefield, Broker
