Plaza Center estimates over €50 mln in profit from the sale of Arena Plaza

Plaza Center recently signed an agreement for the sale of the mall to a British investment fund, Active Asset Investments Management, for an estimated €400 mln.

Arena Plaza has a net rentable area of 67,000 square meters and covers a total of some 125,000 sqm. The commercial center was finalized in less than 18 months.

When the mall in Budapest was opened, company officials said that most of the brands operating in the Hungarian capital will also enter the Romanian market, with the launch of its Dambovita Center in Bucharest, which Plaza Center is currently building.

"We have a close partnership with companies renting commercial space within our projects. So, it is possible that many of the brands operating in Arena Plaza will be present in Dambovita Center as well," said Luc Ronsmans, Country Manager of Plaza Center Romania. The main brands in Arena Plaza are Tesco, Inditex, Peek&Cloppenburg, H&M, Electroworld, Hervis, and C&A.

The Hungarian mall is the largest project developed by Plaza Center in Central and Eastern Europe, but Dambovita Center is expected to be even larger.