The Premier Outlets Center in Biatorbágy, just outside Budapest, inaugurated the second, Ft 2.5 billion phase of its development on Thursday.
The center, which sells brand-name products at 30%-70% off their normal retail price, opened a new 4,800 square meter space that will house 27 more shops, CEO Miklós Szebenyi said. Already, 20 shops are operating in the addition and a further seven are expected to open in August and September.
The new space brings the total retail area of the center to 17,000 square meters and the number of tenants to 76. Premier Outlets Center opened its first, €25 million retail space in November 2004. The center is a 50%-50% joint venture between Raiffeisen Real Estate Zrt, the property arm of Raiffeisen Bank Zrt, and UK real estate developer Miller Developments.