Allianz closes on Budapest's Allee

5 Apr, 2010, Budapest, Hungary

ING Real Estate Development (ING RED) has concluded the sale of 50% of Allee Shopping Centre to Allianz Real Estate Germany GMBH (Allianz), for a price exceeding 100 million. This is the first major investment transaction seen in the Hungarian capital since the property markets retreated and the first acquisition of a shopping centre by Allianz outside Germany.

Allee Shopping Centre opened fully leased in November 2009, comprises some 47,000 sq m and is anchored by Interspar, Inditex Group, Van Graaf, H&M, C&A and Electroworld as well as a 13-screen cinema. There is an additional 7,000 sqm of offices.

Cushman & Wakefield advised ING RED in the sale, Allianz was represented by Jones Lang LaSalle.

Charles Taylor Managing Director at Cushman & Wakefield Budapest said: "This is a significant turning point for the market and marks the return of the core German investors to Budapest".

Benjamin Perez Ellischewitz, Head of Capital markets for Hungary at Jones Lang LaSalle added "Allee Shopping Centre has ascertained itself as a new leading retail scheme on the Budapest market and we think that Allianz?s investment at this point in the cycle was a perfect timing."

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