The "Allee" in Budapest's fast growing 11th district of Buda
Allianz Real Estate Germany invests in Budapest
Developing the portfolio's retail volume
Stefan Brendgen, CEO Allianz Real Estate Germany: "After the acquisition of a building complex in Munich, an investment in the Allee Shopping Centre in Budapest has now also been finalised. This joint venture in Budapest fully corresponds to our current investment strategy with which we are focusing amongst others on investments in cities in eastern European countries and also developing the retail volume in our portfolio. Our investments in December 2009 are the prelude for a period of intense acquisition in 2010. We are currently assessing the acquisition of further retail and office properties in our market region."
Maarten de Jong, CFO ING Real Estate Development: "We are very pleased to welcome our long-term partner Allianz as co-investor in Allee. The transaction – the first major real estate investment in Hungary and the CEE region in more than a year – confirms our original investment decision and the successful execution of the scheme culminating in the opening on plan and with all retail space leased. Allee is a fine example of our ability to create innovative and sustainable retail destinations in European cities that attract, inspire and connect people."
Allianz was advised by Jones Lang LaSalle and ING Real Estate Development by Cushman & Wakefield.
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