Arena Centar sale sets record in Croatia
27 Jan, 2011, Budapest, Hungary
Leading Hungarian real estate developer, TriGranit and Heitman European Property Partners IV (HEPP IV) the American based property investment fund, have reached agreement on a joint venture for the ownership of Arena Centar Shopping Center in Zagreb, Croatia. HEPP IV will
hold 50% of the newly developed landmark development and was represented by Cushman & Wakefield in what is the largest single property investment transaction in Croatia to date.
TriGranit successfully opened the state of the art Arena Centar in November 2010 and has now 95% leased. The development is the newest and one of the most impressive shopping centre developments in the region to date, offering 60,000 sq m of retail accommodation comprising 220 stores, an outstanding leisure provision and more than 3,000 parking spaces.Main tenants include internationally renowned retailers such as Zara, GAP, Esprit, Apple Stores, and Swarovski, as well as southeast Europe's first IMAX theatre.
Charles Taylor of Cushman & Wakefield commented: "Investors in CEE and SEE are able to acquire prime schemes at a relative discount compared to the west. These markets are expected to show good growth potential in the coming years, particularly in the capital cities, as they move out of recession. In 2010 we have witnessed 10 shopping centre transactions above €50mln in the CEE and SEE."
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