A Hungarian real estate fund, advised by VLK Cresa, has acquired the Target Center retail park in Kecskemét, Southern Hungary. The name of the seller and buyer or the purchase price has not been disclosed.
The seller of the 23,500 sqm retail park is a foreign investment group and the buyer is a Hungarian real estate fund which already has similar properties in its portfolio. Despite the relatively difficult market conditions, VLK Cresa managed to conclude the sales agreement at a yield equal to the average of the last 12 months.
The main tenants of Target Center are OBI, Tesco, DM, KFC, PEPCO and other stores that sell mainly basic consumer goods.
György Losonci, a retail expert at VLK Cresa, who was involved in the transaction, highlighted that one of the interesting effects of the pandemic was the increase in demand for “strip malls” over traditional shopping malls.
