ING Real Estate has today announced the €110 million acquisition of the Campona shopping centre in Budapest, Hungary, from Compagnie Immobilière de Belgique.
The property will be added to the ING Property Fund Central and Eastern Europe (ING PFCEE), a semi-open ended real estate fund with a target size of €1 billion. Located 11 kilometers southwest of Budapest’s city centre, the shopping centre is a double–story multi-tenant property that opened in 1999 and comprises 145 shop units with a total occupancy level of over 97%.
The shopping center’s anchor tenants include, C&A, H&M, Electro World, Hervis and a Tesco hypermarket (which is fully integrated into the mall but not part of the acquisition), in addition to an eleven-screen cinema, a food court and a tropicarium. Other major international tenants include McDonald's, Orsay, Springfield, Douglas, Bijou Brigitte and Promod. The shopping centre has a gross letable area of 39,387 square meters (excluding the hypermarket) and a three-level car park with 1,500 spaces.
Commenting on the acquisition, Max de Groot, Head of Acquisitions Central and Eastern Europe, ING Real Estate Investment Management said “We are delighted to have acquired the Campona shopping centre, which is a well established centre with considerable growth potential. Hungary is an important market for us and this property does not have serious competition in its large and densely inhabited catchment area.”