LONDON, Jan 13 (Reuters) - ING Real Estate Development has sold a 50 percent stake in a Hungarian shopping centre for about 100 million euros ($145 million) to Allianz Real Estate Germany, the companies said on Wednesday.
ING will retain the other half of the fully-leased Allee Shopping Centre in Budapest, and be responsible for its day-to-day management, the firms said in a statement.
'Our investments in December 2009 are the prelude for a period of intense acquisition in 2010,' Stefan Brendgen, CEO of Allianz Real Estate Germany, said.
'We are currently assessing the acquisition of further retail and office properties in our market region.'
The centre, which opened in November 2009, has 47,000 square metres (sq m) of retail space and 7,000 sq m of office space.
Allianz Real Estate, a unit of German insurer Allianz , said last month it is targeting about 1-2 billion euros in annual property deals to boost its portfolio, as credit-starved rivals sell off assets.
The deal follows Macquarie Group-linked MGPA's announcement on Monday that it has invested 236 million euros in three Polish shopping centres, as it expects growth in the central European country to outperform the rest of Europe.
Allianz was advised by Jones Lang LaSalle and ING Real Estate Development by Cushman & Wakefield.
(Reporting by Daryl Loo; Editing by Andrew Macdonald)
($1=.6889 Euro)
(See www.reutersrealestate.com for the global service for real estate professionals from Reuters) Keywords: ING ALLIANZ/ (daryl.loo@thomsonreuters.com; +44 (0) 207 542 5228; Reuters Messaging: daryl.loo.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
ING will retain the other half of the fully-leased Allee Shopping Centre in Budapest, and be responsible for its day-to-day management, the firms said in a statement.
'Our investments in December 2009 are the prelude for a period of intense acquisition in 2010,' Stefan Brendgen, CEO of Allianz Real Estate Germany, said.
'We are currently assessing the acquisition of further retail and office properties in our market region.'
The centre, which opened in November 2009, has 47,000 square metres (sq m) of retail space and 7,000 sq m of office space.
Allianz Real Estate, a unit of German insurer Allianz , said last month it is targeting about 1-2 billion euros in annual property deals to boost its portfolio, as credit-starved rivals sell off assets.
The deal follows Macquarie Group-linked MGPA's announcement on Monday that it has invested 236 million euros in three Polish shopping centres, as it expects growth in the central European country to outperform the rest of Europe.
Allianz was advised by Jones Lang LaSalle and ING Real Estate Development by Cushman & Wakefield.
(Reporting by Daryl Loo; Editing by Andrew Macdonald)
($1=.6889 Euro)
(See www.reutersrealestate.com for the global service for real estate professionals from Reuters) Keywords: ING ALLIANZ/ (daryl.loo@thomsonreuters.com; +44 (0) 207 542 5228; Reuters Messaging: daryl.loo.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
