Diófa Fund buys Europark shopping center
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Diófa Fund Management purchased Europark shopping center in Budapest from Unibail Rodamco, following a year-long cooperation, according to a press release issued today. Diófa Fund Management was legally represented during the negotiations by Jalsovszky Law Firm.
The acquisition of the shopping center was entirely funded by the companyʼs own capital, Diófa said in the press statement, without disclosing the purchase price. “Due to new investment fund restrictions, it is highly possible that this was the first and last shared deal on the market,” the press statement noted.
The Europark shopping center, which has an occupancy rate over 90%, has 26,000 sqm GLA. “Despite the increased competition and challenging market environment Europark has kept its local leading position,” Diófa said about the purchase.
“Retail has been historically popular on the investment market and was responsible for one fourth of the total investment volume in the past years. Due to continuously decreasing yield volumes and the market shifting towards a landlords’ market, this segment is currently one of the most attractive targets for investors. Our professional team is working on developing a sustainable, well operating retail scheme to reach the highest value for our clients,” said László Vas, property investment director at Diófa Fund Management.
This is the second shopping center acquisition the management fund has been involved in this year. In May Magyar Posta Savings Real Estate Investment Fund, which is managed by Diófa Fund Manager, acquired Zala Park shopping center with a GLA of 14,000 sqm, located in Zalaegerszeg in western Hungary.
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