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Allee to open on November 11

ING Real Estate will open a €200 million retail, office and residential complex in the south of Buda on November 11, ING Real Estate's development director for Hungary Gábor Glavatity told MTI on Tuesday.

The 150,000-square-metre complex, called Allee, is being built on the site of the former Buda Skála shopping center. It will have 36,000 square meters of retail space, 89 homes and 7,000 square meters of office space. Leases have been signed for nearly all of the retail space and 70 of the homes have been sold, but contracts for just one-fifth of the office space have been signed, Glavatity said.

ING Bank is financing the project which started in August 2007.

Average rental fees for the center's three floors of retail space will be €25 per square meter per month, although fees for space on the ground floor will be €60-€100. Average rental fees for the office space in the center will be €12 per square meter per month.

Eight contractors are building the complex, based on the function of the space. They include Strabag, Swietelsky and Magyar Aszfalt.

The complex will be heated by Budapest's district heating company Főtáv, Glavatity said, adding that a very favorable contract had been signed for the service. (MTI-ECONEWS)