Wing Zrt. has acquired a retail portfolio which includes the EuroCenter Óbuda shopping centre as well as two properties in the regional city of Szombathely. The company has over ten years of experience developing and managing retail properties and plans to carry out value-enhancing investments across the new portfolio with a particular focus on the Buda shopping centre. Wing intends to invest in improving the shopping centre’s existing strengths for both shoppers and tenants.
Wing Zrt. has acquired the EuroCenter Óbuda shopping centre from Atrium European Real Estate. With around 23,000 square meters of floor space, the shopping centre first opened its doors in 2000, and since then has remained very popular among people living in the area, thanks to the large number of services and wide range of stores it offers, as well as to its own cinema. After taking over the Óbuda shopping centre, Wing intends to bring new momentum to the shopping centre by value-creating developments and by the renewal of the operations.
“With the acquisition of EuroCenter Óbuda shopping centre and the Szombathely properties, Wing’s retail portfolio has expanded with valuable assets. The EuroCenter’s demonstrated value is clear and we believe that our position as a local investor adhering to international best practices will allow us to further enhance the value proposition for both customers and tenants. We intend to strengthen EuroCenter’s market leading position in Óbuda by adapting the centre in accordance with the needs of 21st century retail and entertainment,” said Noah Steinberg, CEO of Wing Zrt.
Besides the acquisition of EuroCenter Óbuda, the transaction included the purchase of the Family Center shopping centre and Praktiker department store in Szombathely. The transaction was approved by the Hungarian Competition Authority in January 2018, and is financed by Sberbank Hungary.
