Investment fund acquires Zala Park shopping center
(Photo: ConvergenCE website)
Magyar Posta Savings Real Estate Investment Fund has acquired the Zala Park shopping center in Zalaegerszeg, western Hungary, from a unit of the government-established “bad bank”, the Hungarian Reorganization and Receivables Management Company (MARK), the seller said yesterday, according to Hungarian news agency MTI.
(Photo: ConvergenCE website)
The total project investment was slightly less than €25 million and receipts from land sales reduced this number to €20 million net, according to information from ConvergenCE Hungary, the developer of the project.
The property was sold by Resideal, which manages a property portfolio with a book value of more than HUF 10 billion, MTI reported.
Magyar Posta Savings Real Estate Investment Fund has assets of more than HUF 100 bln, and the fund is managed by Diofa Fund Manager, which has a real estate portfolio with almost 137,000 sqm of rentable area worth some HUF 58 bln, MTI said.
The shopping centerʼs operator went bankrupt in the spring of 2012, according to MTI.
MARK was established by the National Bank of Hungary (MNB) to buy bad commercial real estate loans and properties from banks, for almost HUF 3 bln.
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