Futureal, owner of the Etele Plaza shopping centre in Budapest, has signed a €165 million loan agreement with a consortium comprising Erste Bank Hungary, Erste Group Bank and UniCredit Bank Hungary. The refinancing extends the loan maturity to 2035.
The original financing was concluded in 2018 for what was then the largest Hungarian shopping centre development of the previous decade. The project's performance in recent years enabled the partners to refinance the transaction on terms. DLA Piper provided legal support for the financing consortium.
"Etele Plaza, now in its fourth year, has delivered market results, and Futureal has maintained a financial and professional track record for two decades," said János Gárdai, CEO of Futureal.
"Our collaboration with financial partners strengthens the project's financial stability and ensures that Etele Plaza can continue to operate competitively in the years ahead."
Opened in 2021, Etele Plaza is located next to Etele Square at Hungary's largest multimodal transport hub, where Kelenföld railway station, Metro Line 4, and the M1 and M7 motorways converge. The centre offers more than 150 shops, a supermarket, restaurants, cafés, a fitness club, a multiplex cinema and a children's playhouse.
The 55,000 sqm shopping centre has earned BREEAM In-Use certification, currently the only shopping centre in Hungary to meet the certificate's requirements.
György Salamon, Head of Real Estate Financing Department at Erste, said: "With its growth over recent years, tenant mix, and ESG-eligible solutions, Etele Plaza has proven that it deserves the trust of financiers."
