Hungarian real estate developer and investor Indotek Group has closed the purchase of a downtown shopping centre in Budapest, online business site Portfolio reports, citing Cushman & Wakefield, the main assistant of the deal.
Indotek Group bought the majority of Vörösmarty 1 retail centre late last year from Redevco. Now the transaction has been completed successfully.
"This is a strong and positive message to the whole retail sector in Hungary", Cushman & Wakefield added.
The property is located at 1 Vörösmarty Square, Budapest's main square in the city's prime retail district. Redevco purchased the 6,250 sqm prime retail property in 2010 from ING Real Estate Development for €44 million. The three-floor property, which was completed in 2007, consists of retail units and 150 parking spaces. The retail units are fully let to international tenants including H&M.
