Európa property fund starts building Ft 4 bln shopping center
Wednesday, October 26, 2005, 17:18
Európa Property Investment Fund has started building a Ft 4 billion shopping center in Tatabánya, northwest Hungary, fund manager CEO Mihály Török announced on Wednesday. The center, which will house sotres and a multiplex cinema, will be completed by the end of 2006. A depot for long-distance bus company Vértes Volán will be included in the lower level of the center, and an underpass connecting the center will be rebuilt. The general contractor for the project is Betonút, and Austrian-owned NAI OTTO will lease the shops. Európa Property Investment Fund, set up in 2001, is one of Hungary's leading property investment funds. The fund had assets of Ft 31.5 billion at the end of September. Almost 80% of its clients are small investors, the rest are pension funds and insurance companies. Európa Property Investment Fund invests in office, industrial, retail and residential real estate. The fund is managed by Európa Fund Manager, a member of the HVB Bank Group.