CBRE’s Budapest office has been commissioned with the management and leasing of the property portfolio of British firm M7 Real Estate on its entry into the Hungarian market, the real estate advisor said in a statement sent to the Budapest Business Journal today.
M7 Real Estate has acquired two retail centers, the Atom Center in Paks and Csillagvár in Budapest, as well as the Acélforma industrial hall in Dunaharaszti, comprising a total of almost 22,000 square meters of property area.
M7 Real Estate owns 4 million square meters of commercial real estate across Europe, with most of its assets in the U.K., the Netherlands and Germany. Recently it has begun its Central and East European expansion, and is planning to acquire additional properties after last year’s entry into the Hungarian market.
“It is a great honor that M7 Real Estate has chosen CBRE as its partner for entering our market. This mandate is further evidence that CBRE’s asset services and letting agency teams have done excellent work in recent years,” said Zsolt Kákosy, CBRE’s Head of Asset Services. “The asset services and letting experience of the Campona and Pólus Center shopping malls provide a great foundation for the repositioning of the properties acquired by M7 Real Estate. In the next period we will focus on making both the Atom Center in Paks and the Csillagvár retail center in Óbuda attractive for both tenants and visitors, and such an expert investor is a great partner in this.”
CBRE’s industrial team will manage the leasing of the 12,000 sqm Acélforma facility, while the four senior experts in its retail leasing team will be responsible for lettings in Atom Center and Csillagvár, CBRE added.