International consortium acquires Budapest retail, office properties

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An international investment consortium has acquired a property portfolio comprising Budapestʼs MOM Park shopping centre and MOM Park Offices as well as the Westend Business Center and EMKE office buildings, Hungarian real estate developer Wing, a member of the consortium told Hungarian news agency MTI yesterday. 

The transaction, closed on July 31, is financed by Germanyʼs PBB bank and Austriaʼs Erste Group. The other members of the consortium are the US Morgan Stanleyʼs real estate investment arm Morgan Stanley Real Estate Investing and Austriaʼs shopping centre specialist CC Real.

The online version of business daily Vilaggazdasag said the property portfolio has been purchased from a fund managed by AEW Europe. The paper has learnt that PBB Deutsche Pfandbriefbank and the Erste Group are providing a EUR 126m credit limit to Morgan Stanley Real Estate Investing.

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