CA Immo has announced the sale of its 16,500 square-meter Dunacenter shopping mall development in Győr to the Indotek Group, according to a press release sent to the Budapest Business Journal.
Dunacenter, which has an A+ energy rating, is located in the western part of Győr, close to the M1 motorway exit. The mall hosts some 20 commercial units, with a constantly high occupancy rate. CA Immo was represented by Colliers International during the deal.
"Selling the Dunacenter is the last step of focusing our investment portfolio on office properties, a process that has been going on for years also in Hungary," said Ede Gulyás, managing director of CA Immo. "Working closely with our tenants, we took advantage of the improving economic indicators in the last years to stabilize the operation of the shopping center by signing new contracts and extending existing ones. We are sure that this is a good basis for Indotek for successful operation and business development in the future, for which we wish every success."
"Our company is becoming an increasingly significant member of the Hungarian retail real estate market," said Dániel Jellinek, CEO and majority owner of Indotek Group. "During our transactions we put a great deal of emphasis on properties where we saw a good opportunity to create value with sufficient expenses. We endeavor to upgrade the shopping centers in our portfolio to up-to-date market trends, also repositioning them to effectively serve the local community."
In this spirit, Jellinek added, Indotek finished the modernization of the Csepel Plaza in May 2018, while starting similar development projects in Zalaegerszeg and Sopron in recent months. Subsequent renewal projects are set for shopping centers in Debrecen, Szeged, Székesfehérvár and other cities.