Granit Asset Management has acquired a portfolio of 12 retail parks with a combined leasable area of 45,000 sqm from international investment firm Revetas Capital.
The deal, for an undisclosed amount, will be executed as an asset deal subject to approval from the Hungarian Competition Authority. Granit is acting on behalf of the Magyar Posta Takarék Real Estate Investment Fund.
The acquisition will expand the Zone Retail Park network from nine to 17 properties, increasing total retail space from 97,800 sqm to more than 142,000 sqm. The properties will be rebranded under the Zone Retail Park name with unified management and communication.
"This acquisition is an important strategic step in strengthening the domestic retail market," said Álmos Mikesy, Chairman and CEO of Granit Asset Management. "We are creating a unified, nationwide platform that enables sustainable operation and strengthens tenant confidence."
The portfolio includes eight retail parks and four single-tenant units in cities including Sopron, Mosonmagyaróvár, Miskolc, Debrecen, and Zalaegerszeg. The properties, mostly developed in the 2000s, are nearly 100% leased to tenants including C&A, Deichmann, Intersport, and McDonald's.
"This transaction marks a significant milestone in our focused and disciplined effort to enhance the Park Center Hungary portfolio’s performance and value for our investors," added Vlad Drăgoescu, Partner and CEE Head of Portfolio Management at Revetas Capital.
Gránit Asset Management was supported by Kinstellar, Sentient and Grandum Real Estate in the deal. CMS acted as legal advisor to Revetas Capital, while Cushman & Wakefield represented the seller as the broker in the transaction.
