After acquiring the Campona and Pólus Center shopping centers in Budapest, CPI Property Group has once again exclusively entrusted real estate services firm CBRE Hungary to manage its new properties, according to a press release sent to the Budapest Business Journal today.
The partnership will ensure that the assets enjoy continuity and stability, which will benefit both the tenants and the new owner, according to CBRE Hungary.
As the result of one of the largest real estate transactions in the CEE region in Q1 2017, CPI Property now owns the commercial real estate portfolio of CBRE Global Investors. CPI acquired the portfolio of 11 commercial properties in Hungary, the Czech Republic, Poland and Romania from funds managed by CBRE Global Investors.
In Hungary the portfolio includes the Campona and Pólus shopping malls, Andrássy Palace office building and Interspar supermarkets located in Zalaegerszeg and Nyíregyháza. In the case of the two shopping centers, the new owner decided to continue property management with CBRE.
“We appreciate that our previous success is well acknowledged by the new owner and we look forward to the opportunity to continue this success going forward. With these new mandates CBRE now manages a total of 120,000 square meters of retail space in Hungary and 1.6 million square meters in Central and Eastern Europe, making us one of the largest players in the real estate market in the region,” said Zsolt Kákosy, Head of Asset Services at CBRE Hungary.