Budapest Business Region

Hungary TriGranit sets up JV for Arena Centar in Croatia

11 January 2011

Hungary’s TriGranit Development Corporation has entered a joint venture with Heitman European Property Partners IV (HEPP IV) to own Arena Centar Shopping Centre in Zagreb, Croatia.

Both TriGranit and HEPP IV, a unit of Heitman LLC, will hold a 50% stake in this newly developed, landmark (180,000 square meters GBA) shopping centre. The transaction includes two land plots for a future potential extension of the retail centre and the development of a mixed-use project including office, residential units and a congress centre. 

"This is the largest property investment transaction in Croatia to date. The financial resources are secured by the very same six banks (Intesa Sanpaolo, Erste Group AG, Hypo Investment Bank AG, Cassa di Risparmio della Repubblica di San Marino SpA., MKB Bank Zrt. and CIB Bank Zrt.) participated in the club deal transaction providing financing for the Arena Centar project development," said Zsolt Szabó, CIO of TriGranit Development Corporation.

Full article here.

Source: portfolio.hu

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