German property developer ECE launches EUR 100mn retail project in Hungary.

By bne IntelliNews August 25, 2010
German property developer ECE Projektmanagement started the construction of a new shopping centre in the Hungarian city of Szeged, close to the Serbian border, the managing director of the company's local unit Christoph Agustin announced. The centre would have total leasable space of 41,000 sqm and should become operational by the autumn of next year. It would have 130 shops and roughly half of them have already been pre-let. Employment at the facility is expected to reach 1,000 people. The total investment cost for the project was estimated at EUR 100mn and Agustin noted that the developer had secured an EUR 74mn loan from Westdeutsche Immobilienbank to finance the construction. ECE has so far invested in four shopping centres in Hungary in the cities of Pecs, Gyor, Debrecen and the capital Budapest.

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