Elbit Medical to sell Arena Plaza for €400 mln


Plaza centers NV is to sell Arena Plaza (under construction - near Keleti railway station and Népstadion) to Active Asset Investment Management.

An Israeli property investment and health care company, Elbit Medical Imaging Ltd., said Tuesday its subsidiary sold a shopping and entertainment center located in Budapest, to UK-based Active Asset Investment Management for up to € 400 million ($550 million). Based on rent levels it can get for the property, Elbit Medical's subsidiary Plaza Centers NV estimates the final sales price between €380 - €400 million ($525 - $550 million).

Plaza Centers will continue leasing the center for up to one year after the closing. Developed by Plaza Centers, the property is Hungary's largest shopping and entertainment center with 220 stores. The center is expected to open in the autumn 2007. The final sales price of the center, known as Arena Plaza, will be determined by the closing of the transaction, which is expected to occur within a month of the center's opening date. (moneycentral.msn)

Paks II Work 'Rumbling Ahead,' Says Szijjártó Power

Paks II Work 'Rumbling Ahead,' Says Szijjártó

Hungary to Host Next EPC Summit Int’l Relations

Hungary to Host Next EPC Summit

New Tenants at Academia Offices Office Market

New Tenants at Academia Offices

Visitor Numbers, Guest Nights Climb in H1 Tourism

Visitor Numbers, Guest Nights Climb in H1


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.