ING Real Estate Development - ALLEE Shopping Centre Sale
Cushman & Wakefield was exclusively appointed by ING Real Estate Development to execute the marketing and advise on the sale of Allee Shopping Center. When undertaking the sale, the shopping center was still to be completed with Cushman and Wakefield also undertaking the leasing. The prime center consists of 47,000 sqm of retail and 7,000 sqm of offices and is located in the 11th district of Budapest.
C&W valued the opportunity and advised ING on the potential sales value before selecting and approaching a small number of known active investors in the CEE region with a detailed, professionally printed sales memorandum.
On discussing with the potential investors C&W were able to use the expansive knowledge of their retail leasing team in the negotiations, in order to keep all interest up to date on the levels of rent achievable and the potential for the scheme to be fully leased on opening.
In a year when the transaction volumes in Hungary was at an all time low, C&W were able to present 5 offers to the client, and force a second round of bidding, driving the pricing to the highest level possible.
C&W then ran the due diligence process and successfully signed the deal by the end of 2009, with the closing in March 2010.
The deal was one of the largest in Europe signed in 2009.