Indotek Group acquired a shopping mall in Marosvásárhely

The Hungarian real estate developer company starts expansion in Romania

French AEW Europe and Hungarian Indotek Group have concluded an agreement regarding the acquisition of Promenada Targu Mures shopping mall in Marosvásárhely, approximately 50 thousand square meters based establishment hosts brands like Auchan, Leroy Merlin, Decathlon, H&M, Cinema City, LC Waikiki, New Yorker, Hervis and Media Galaxy. The Hungarian real estate developer group plans to renovate and modernize the whole establishment, along with that further acquisitions are planned to strengthen their presence in the Romanian commercial real estate market.

Budapest, 19^th September 2019. Budapest based Indotek Group took the first step in the Romanian commercial real estates market. One of the leading participants of the Hungarian real estate market signed a contract with AEW Europe on the 6th of August regarding acquisition of the Promenada Targu Mures shopping mall in Marosvásárhely with the contribution of Morgan Stanley.

The establishment built in 2007 as the biggest shopping mall in the Romanian Maros county. The shopping mall is having approximately 50 thousand square meters built up area with 96 business premises, which hosts international chains like Auchan, Leroy Merlin, Decathlon, H&H, Cinema City, LC Waikiki, New Yorker, Hervis and Media Galaxy.

 ’The acquisition of Promenada Targu Mures is indeed a really important milestone, which is the first Romanian commercial establishment within our portfolio. However, this transaction was also a part of a very conscious business construction through the recent years with multiple purposes. Firstly, we wanted to be a significant participant of the Hungarian commercial real estate market. Secondly, we wanted to be present on the markets of the regional countries within this section’ stated Dániel Jellinek, the majority owner and CEO of Indotek Group.

The Hungarian real estate developer group always looking for such opportunities during their acquisitions, where they can create their signature with the appropriate investment. Therefore, in every single acquisition within their portfolio, they perform significant developments in order to make them more valuable and competitive in the market of commercial real estate. As part of these developments they modernize acquired shopping malls, give them a new image and outlook, a new business conception and invite new chains as renters. In execution of their strategy, Indotek Group intends to perform significant investments in this recently acquired shopping mall in Marosvásárhely. Parallel to the renovation of the building they intend to develop new rentable business premises for more well-known brands.

As a result of their recent acquisitions the number of the commercial real estates within their portfolio has reached 20. These shopping malls can be spotted without exception in Budapest and in county centers with built up area of many thousand or ten thousand square meters.

Promenada Targu Mures is the very first abroad establishment joins to their portfolio and in the close future, Indotek Group plans to have many more acquisitions in regional countries. ’It is our aim to buy commercial real estates in the neighbor countries, which ones can be ideal for such improvements and investments as we perform in Hungary. Due to these new acquisitions and improvements, owing to the synergy-effect, our whole group would be more efficient, besides we would also be able to provide better services for further international chains that could be our potential renters’ emphasized the majority owner and CEO of Indotek Group.

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About Indotek Group

Indotek Group is one of the leading investment management group of Hungary. The Hungarian-American owned company group uses the assets entrusted to their care principally to purchase real estates and loans, and their portfolios place them among the most important market players in both fields in Hungary. The key to their activity is calculated risk-taking and professional risk management besides long-term thinking, both of these can provide outstanding returns.

Indotek Group is currently a market leader on the market of the commercial real estates class B and C. They employ approximately 240 workers and manage over 300 real estates. The constructed and rentable territory is over 1.3 million square meters which is divided between 2500 renters.

More than 20 office buildings are in the portfolio of the Indotek Group, including EMKE building or the Focus Point building on Dohány street, 20 regional shopping malls, many hotels and numerous other storage and industrial buildings. Indotek Group is also present on the market of the residential real estate market with several self-developed residential complex projects.