MOM Park sale transaction completed
Real estate developer and investment company Wing Zrt. announced on Friday the sale of the MOM Park shopping mall and office property building complex in Buda. The value of the transaction has not been disclosed.
MOM Park was owned by a consortium which included Wing, Morgan Stanley Real Estate Investing, and Austrian shopping center specialist CC Real. Last month OTP Real Estate Investment Fund announced its intention to buy MOM Park.
According to a press release sent to the Budapest Business Journal, the mall was acquired in 2015 by the consortium, and since then significant investments have been made in the building, enhancing its value as a property and business.
"The building has been physically upgraded and both its office and retail spaces are fully let," said Noah M. Steinberg, chairman and CEO of WING. "The tenant mix now reflects MOM Park’s position as Hungary’s premier shopping center and office complex, and this will provide long-term value in the future."
Steinberg said Wing will now turn its attention to achieving similar goals in its next retail project, the renovation and repositioning of the EuroCenter mall in Óbuda in Budapest’s District 3.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.