Europe Developments

In joint venture with the Raiffeisen Bank planning permits were secured for a 25,000 sq. m. Factory Outlet Centre in Budaors, Budapest.

 

Phase I, extending to 12,243 sq. m opened in November 2004 with an additional 4,804 sq. m Phase II opening in August 2006, to provide a total of  73 retail units. Now fully let, building permits are being secured for a further 7,844 sq m Phase III.

 

Tenants include Nike, Adidas, Mexx, Mango, Levis, Puma and Calvin Klein.

 

Bergerac sold their interest to Miller Developments, who have, with the Raiffeisen recently sold Phases I & II to Morley’s Aviva Fund for €70m, reflecting a yield of 6%.