The Budapest based developer Futureal has sold Sziget Center, located in the middle of Csepel Island near Budapest, to OTP Property Investment Fund. Futureal acquired the 23,600 sqm mall in 2014 and immediately undertook its repositioning and the expansion of its GLA by more than 9,000 sqm. It brought in major new tenants including C&A, H&M, electronics retailer Euronics and the furnishing chain Jysk.
“In the past two and a half years, we have managed to perform a successful repositioning of Sziget Center by attracting the largest brands and thus tripling leasing income of the shopping mall,” said Gábor Futó, founder of Futureal Group. He said that by improving the center’s convenience offering as well as its fashion supply, it was able to triple income figures. “The center is expected to bolster its supply with further international retail chains and increase its popularity among the residents of the area, becoming a truly dominant local center,” he said. The deal with OTP Property Investment Fund is part of a deal with the investor in which it also purchased the Skypark office building.
