Tuesday, August 11, 2020
Home News Investment Market OTP fund buys Budapest office-retail complex

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.”

Most Popular

M7 acquires Katowice office building for new CEE fund

M7 Real Estate has undertaken its first acquisition on behalf of M7 CEREF II, its value-add opportunities fund focused on offices and...

Metropol Group acquires five shopping centres in Poland

Greenberg Traurig advised Metropol Group on the acquisition of a shopping centre portfolio, consisting of five regional convenience stores is located in...

Weerts Group to start new warehouse development near Budapest

The logistics sector of Hungary is booming with foreign investors continuing to be optimistic about the market outlook. The latest evidence of...

Panattoni sells two city logistics parks in Warsaw to LaSalle

Panattoni and Marvipol have sold two city logistics parks in Warsaw to LaSalle Investment Management. The facilities, totalling nearly 25,000 sqm, were...