Cushman & Wakefield (C&W) global real estate advisor represented Caelum Development in the sales transaction of Media Markt's 4,400 sqm building in Szeged to Erste Real Estate Fund.
The building is fully let to Europe's leading electronics retailer, Media Markt and was sold with a 4.5 year unexpired lease term. The deal represents one of the few investment transactions to have occurred in Hungary in 2010 and sees Caelum Development leave the market having decided to concentrate on their core market of Poland.
Charles Taylor, managing director at Cushman & Wakefield in Hungary said: “Slowly, we are seeing an increase in the number of transactions as the investment market re-starts. With the first signs of economic recovery evident investors are once again appraising the opportunities in Hungary and assessing their risk / return parameters.”
Balázs Pázmány, head of Erste Fund Management's board added: “We are happy to have concluded this transaction and to have bought a building which is fully let to a well known electronics retailer. The building perfectly fits the requirements of Erste Real Estate Fund as we continue to show our dominance on the local market.” (BBJ)