OTP fund buys Budapest office-retail complex
MOM Park, a 50,000 sqm prime shopping mall and office property in Budapest was sold by a consortium of a fund managed by Morgan Stanley Real Estate Investing, Hungarian developer and investor Wing and Austrian shopping centre specialist CC Real to OTP Real Estate Investment Fund. The mall had been acquired in 2015 by the consortium, and since then significant investments have been made in the building enhancing its value as a property and a business.
Noah M. Steinberg, Chairman& CEO of Wing said, „As a leading local property company, Wing represents world-class international standards within the context of the Hungarian market. Our goal is to create functional, architectural and economic value in our buildings. We believe that together with our partners, Morgan Stanley and CC Real we have achieved this goal with MOM Park. The building has been physically upgraded and both its office and retail spaces are fully let. The tenant mix now reflects MOM Park’s position as Hungary’s premier shopping centre and office complex, and this will provide long-term value in the future. Wing will now turn its attention to achieving similar goals in our next retail project, the renovation and repositioning of EuroCenter mall in Óbuda in Budapest’s District 3.”