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ECE Projektmanagement lays cornerstone of new shopping centre

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)