Hungary´s first outlet center to open in T

GL OUTLET, Hungary’s first factory outlet center will open this autumn in Törökbálint, near Budapest. The outlet center is the first Hungarian development by Group GL, an experienced Belgian developer and the owner of two existing factory outlet centers in Belgium (Messancy) and France (Bordeaux).

“Group GL aims to be a strong market player in developing outlet centers in Europe,” said Group GL chairman and founder Ghislain Lenaers. “After carefully studying the potential of the Hungarian retail market, as well as the excellent strategic location of the site, we selected the plot of land in Törökbálint. It is an excellent location, already well-established as a retail hub,” added Bertrand Jourde, development director at Group GL.

GL OUTLET was launched to the business community and the media at a project launch held at the Corinthia Grand Hotel Royal in Budapest on May 25th. Speaking at the event His Excellency Marc Trenteseau, Belgium’s Ambassador to Hungary said: “Just as Belgium welcomed Hungary to Brussels on May 1st, I am delighted to welcome another respected Belgian company to Hungary, especially one which is introducing a new retail concept to this market.”

“We are delighted to welcome Group GL to Törökbálint and be the location of Hungary’s first outlet center,” commented István Turai, Mayor of Törökbálint who also spoke at the event.

GL OUTLET, an investment of EUR 25 million, will consist of 16,500 sqm of gross lettable area. Individual retail units will range from 100-1,000 sqm. GL OUTLET’s brand village concept will recreate a street shopping feeling, with the stores located at either side of a 15-meter-wide semi-covered ‘high street’. 'This design increases critical mass and enables to have an open air center with a concentration of stores and protection from the wind and rain,” said Dr. Gergely Bodó, General Manager of GL OUTLET.

When it opens in Autumn 2004, GL OUTLET will have 60 retail units on the “street” and a food court on the 1st floor. A balcony in front of the food court area will offer the customers an opportunity to eat either inside or in the open air. GL OUTLET will also provide parking for coaches and 600 cars strategically located at the two ends of the center, thereby not disturbing the shopping experience.

International property consultancy and market leader in the European retail sector Cushman & Wakefield Healey & Baker (C&W/H&B) is providing leasing and marketing consultancy on GL OUTLET, following successful cooperation with Group GL in Belgium.

The project is financed by K&H Bank, which is owned by the Belgian bank KBC.

Construction, carried out by general contractor Strabag Rt., started on 1st March, with handover of the retail units to tenants scheduled for September.

Source: Cushman & Wakefield Healey & Baker

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