German property developer ECE Projektmanagement on Tuesday laid the cornerstone of a €100 million shopping centre in the Hungarian city of Szeged.
ECE has signed for a €74 million loan from Westdeutsche Immobilienbank to finance the project, ECE Projektmanagement Budapest managing director Christoph Agustin said.
Leases have been signed for half of the 130 shops in the three-storey, 41,000sqm shopping centre. The shopping centre, called Árkád, will open in the autumn of 2011.
About a thousand people are expected to work at the shopping centre.
ECE has built shopping centers in the Hungarian cities of Pécs, Győr, Debrecen and Budapest. (MTI-ECONEWS)