Erste Ingatlan Alap acquires Market Central Ferihegy

Erste Ingatlan Alap acquired Market Central Ferihegy, a retail park offering 44,000 sqm of leasable space in Budapest, as well as the adjacent Quadrum office complex at the end of last year. The transaction was facilitated for the company’s real estate funds to meet its targeted property investment ratio. Market Central Ferihegy is 98 percent leased to a diverse mix of tenants. The U-shaped property accommodates a 15,435 sqm Tesco hypermarket and a Praktiker hardware store as well as 1,550 ground-level parking spaces. The sale of Market Central Ferihegy was brokered by CBRE on behalf of the seller, whose name was not diclosed. The deal represented a unique transaction, because the property, managed by Whitestar Real Estate, has never been sold since it was delivered. The cost of the deal was not disclosed. “The acquisition of the retail shopping center Market Central Ferihegy is considered a strategic milestone and is in line with our objective of adding decisive retail shopping centers to Erste Ingatlan Alap’s real estate portfolio. The acquisition of Market Central ensures a steady income that is sustainable in the long-run, serving the interests of our customers splendidly,” said Balázs Pázmány, chairman of the managing board at Erste Asset Management.