NEPI Rockcastle has bought Aréna Pláza for EUR 275 million from a consortium of private owners advised by CBRE Hungary.
Aréna Pláza, the second largest retail centre in Budapest formerly owned by Symmetry Arena Ingatlankezelő Kft. has become part of NEPI Rockastle’s portfolio for EUR 275 million (HUF 85 billion).
The Arena Plaza was built in 2007 near Keleti Railway Station and it is one of Budapest's most successful retail centres with 100 % occupancy and over 10 million visitors annually. Arena Pláza’s tenants are leading international brands such as Bershka, H&M, IMAX Cinema City, KFC, Massimo Dutti, McDonalds, Media Markt, New Yorker, Peek & Cloppenburg, Pull & Bear, Sports Direct, Starbucks, Stradivarius, Tesco and Zara.
"It was a pleasure to advise the seller on this major real estate deal. The purchase of Arena Pláza is important not only because it represents a complex, landmark deal for the market, but also because another new international source of equity has entered the Hungarian real estate market. We expect another strong year as the investment market continues to gather momentum on the back of strong investor appetite from both local and international equity sources. It is anticipated close to EUR 1.7 billion may enter the commercial property investment market by year end" - said Tim O’Sullivan MRICS, Head of Capital Markets of CBRE Hungary.
The domestic travel needs of Hungarians can be a lifeline for domestic tourism