MIL Equity Partners, a US-based fund which invests in commercial properties in Central and Eastern Europe, announced on Thursday it signed a partnership and joint venture agreement with Millenia Zrt, a Hungarian real estate development and property management company. Millenia is a strategic partner of Colliers International Hungary Kft, which is also a partner in the fund.
Under the terms of the agreement, Millenia will manage properties purchased by the fund. It will also provide general contracting services and organize subcontractors. Millenia will also invest 10% of the entire cost of any mutually agreed real estate developments (to be worth at least €3 million apiece) and it will offer its project management services and technical supervision for some of the fund's investments.
MIL said in June it signed an agreement with Colliers International Hungary, under which the brokerage will guide the strategic direction of the fund, assist MIL in assessing the market as well as potential acquisitions, provide for the management of the properties and help MIL form partnerships with real estate developers.