Cushman & Wakefield closed transaction with Ara Shoes
After last year’s acquisition of the scheme by a US-based private equity fund, Cushman & Wakefield, one of the world’s largest commercial real estate services firm, closed the first retail transaction by securing premium retail space for Ara Shoes in the 1st phase of Premier Outlet in Biatorbágy, Hungary.
The Hungarian subsidiary of the mother company of Ara Shoes opened a 228 sq m unit in March 2016. In the well located new store, they are selling two of the main brands of Ara Group: Ara and Lloyd. With this new concept they are offering a wider selection of premium products for women and men with which they are able to target more customers.
Viktória Szabó, Partner and Head of Retail at Cushman & Wakefield in Budapest, said: “With more and more international brands showing interest in opening normal and outlet units on the outskirts of the capital we can say, that the outlet market is finally picking up in Hungary. With this new Ara unit the tenant mix of this high quality outlet centre has further improved and we are confident that this will attract more quality tenants to this area.”
Premier Outlet is the biggest and most successful designer outlet centre in Hungary. The first two phases opened in 2004 and 2006, followed by the third phase in 2007. The development is situated at the busy Budaörs retail cluster with direct access from M1 Motorway. Thanks to its prime location, the centre has a large and strong catchment area with loyal customers. Cushman & Wakefield offers retail spaces in the well-prospering phase I & II of the centre, having a total lettable area of 24,000 sq m and over 2,000 free parking places. Due to the high-spending customer base both the catchment penetration and convergence rate corresponds favourably to the European average. The centre’s extremely strong and popular tenant mix is stable since its opening.
Major brands: Nike, adidas, Mango, Gant, Puma, Salamander, Tom Tailor, Pepe Jeans, Geox, Benetton, Triumph and Olymp.
Cushman & Wakefield is the exclusive leasing agent of Premier Outlets, phase 1 and 2 since 2010.