Árkád 1 will be renovated and a new 20,000 sqm, officially to be called Árkád 2 is to be built by March, 2013. In all, the shopping zone will have 68,000 sqm of rentable place, which its developer ECE says would make it Hungary’s biggest shopping center. The center will consist of more than 200 shops and cafés, including a new 4,200 sqm store from Van Graaf. The lease structure ECE is going for is unusual in Hungary, as it focuses on longer contracts of 10 years. The German company claim that all the original stores in the mall have already signed lease extensions.The project will cost the investors €80m, back by ECE/Otto and DWS, a leading mutual fund brand of Germany. The contractor of the project is Market, while the building management will be handled by ECE.
