Receiver cuts asking price of enormous retailing complex in southern Pest

March 14, 2016

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The National Reorganization Nonprofit Kft. has reduced the asking price for the shopping mall complex in southern Pest at Kőbánya-Kispest terminus of the M3 subway line to HUF 27 billion (USD 96 million).

The 200,000-square-meter project in Budapest’s 19th district reportedly cost HUF 40 billion to build in 2008 (roughly USD 182 million at the time).

The asking amount is equal to the loan made by the National Development Bank (MFB) to the project developer R-CO Ingatlanforgalmazó Zrt.

The complex includes a shopping mall, an OBI home improvement center, a parking garage and a bus terminal.  It features some 70,000 square meters of lettable space.

The liquidation of the company was ordered at the end of 2012.  As of the end of 2013 the asking price for the complex was HUF 35 billion.

napi.hu reports that the number of visitors has been gradually increasing over the years and 90 percent of the space is currently rented out.

Those wishing to purchase the complex can submit an offer between March 25 and April 11 along with a deposit of HUF 290 million.

Reference:

http://www.napi.hu/ingatlan/arzuhanas_eladjak_a_magyar_bevasarlokozpontot.611624.html