UPDATE ON DISPOSAL OF PLOT LAND IN GREECE2017-11-21
UPDATE RE 2012 DISPOAL OF SHOPPING CENTRES
Arena Plaza - Hungary
In November 2005, Plaza acquired a 122,000 sqm plot in the eighth district in Budapest, Hungary for the development of 180,000 Gross Built Area of shopping and entertainment center.
Demolition works started April 2006; in May 2006 the construction works were commenced and completed in a record time of less than 18 months.
On November 15, 2007, Arena Plaza was opened to the public with 100% occupancy.
The shopping center comprises 66,000 sqm of gross lettable area and includes the first IMAX cinema auditorium in Budapest and in Hungary, along with other 22 screens.
The main tenants in the shopping center include international hypermarket operator (Tesco) (c. 10,500 sqm), the German giant Peek&Cloppenburg with their first mega store in Hungary, Zara, Hervis (sporting clothing &equipments), Electro World, Hennes & Mauritz, C&A and others.
Arena Plaza is now one of the largest and most prestigious shopping and entertainment centers in Centeral and Eastern Europe and the quality, size and design of this project has set new standards for the region as a whole.
On August 7, 2007, Arena Plaza was pre-sold to active Asset Investment Management ("aAIM"), one of the UK's fastest growing commercial property investments groups.
The transactions was closed at a record gross yield of 5.9%, reflecting circa 381 million eur asset value; this represented 20% of all real estate deals done in Hungary during 2007, and the highest volume single transaction in Hungary for that year.
The sales price reflects a material increase to the value at IPO time in November 2006, which was then 333 million eur.