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ECE Budapest has started the construction of Árkád II, the second phase of its Budapest shopping centre, managing director Gyula Gyalay-Korpos told the financial daily Világgazdaság on Wednesday.
The shopping centre will cost about €80m to build and ECE's financing partner in the project will be Deutsche Bank, the daily reported.
Árkád II will have net retail space of 20,000sqms and is expected to open in the spring of 2013.
The first 45,000sqm phase opened in 2002.
Árkád I has 170 retail units and Árkád II will have about 30.