Property
40 Spar stores sold in Hungary
With this transaction TREI Real Estate effectively consolidated its Hungarian real estate operation. Following the disposal of its portfolio in Austria, it was the second successful delivery of the group on their strategic goal of selling operating properties and focussing on new developments, mostly in Germany, Poland, the Czech Republic and the USA.
With the exception of two assets all the elements of the portfolio are leased to Spar Hungary on long term. The total size of the deal was in excess of 39,500 square metres, geographically spread around the entire country, including 13 locations in Budapest.
In the past the properties were exclusively leased to retail chain Plus, the retail brand solely owned by the Tengelmann Group until its sale in 2008 to Spar Hungary.
The deal was closed on the last day of June with Erste Asset Management which manages funds worth nearly HUF 1,500 billion, including HUF 450 billion of real estate.
With the exception of two assets all the elements of the portfolio are leased to Spar Hungary on long term. The total size of the deal was in excess of 39,500 square metres, geographically spread around the entire country, including 13 locations in Budapest.
In the past the properties were exclusively leased to retail chain Plus, the retail brand solely owned by the Tengelmann Group until its sale in 2008 to Spar Hungary.
The deal was closed on the last day of June with Erste Asset Management which manages funds worth nearly HUF 1,500 billion, including HUF 450 billion of real estate.
