Arena Plaza switches manager
2 Jul, 2010, Budapest, Hungary
Arena Plaza, Hungary's largest shopping and entertainment centre will be managed by Cushman & Wakefield from 1st July on behalf of UK based investment fund manager Lanebridge Investment Management (Lanebridge). Cushman & Wakefield replaces the incumbent agent which has managed the scheme since 2007.
The 66,000 sqm shopping and leisure centre is by far the largest centre in Hungary and is regarded as offering the most extensive tenant line up under a single roof. Amongst the 200 shops are leading retailers, including Peek & Cloppenburg, M&S, Tesco, Zara, H&M, Bershka, Douglas, Promod, Mango and Swarovski. In addition to cafes and restaurants, there is also a 23 screen multiplex cinema plus the only 3D IMAX in Hungary.
Cushman & Wakefield will provide integrated property management, leasing and retail asset management expertise, working closely with Lanebridge and Erna Balla, the newly appointed Shopping Centre Manger.
Commenting on the appointment, Charles Taylor, Managing Director of Cushman & Wakefield said "having successfully leased Arena Plaza in 2007, we are delighted to be back on board as property manager. Arena Plaza has weathered the downturn well with visitor numbers up 10% on last year and is excellently positioned to benefit as the Hungarian economy recovers. We are here to drive future performance and, given the number of opportunities, this is a hugely exciting challenge".
Simon Smethurst, Investment Director at Lanebridge, added "Cushman & Wakefield offers a highly experienced team with local expertise and international experience, supported by a strong track record in managing regional shopping centres. We are looking forward to working closely with them in maintaining Arena Plaza's position as the pre-eminent retail and leisure destination in Hungary".
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