28 Jul 2021
M7 signs 1,000 sq m letting with fashion brand, Sinsay, at the Csillag Center in Budapest, Hungary
M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has completed the letting of a significant 1,025 sq m retail unit at the newly refurbished Csillag Center in Budapest, Hungary, to Polish fashion brand, Sinsay, on behalf of M7 CEREF I.
Sinsay, which is part of LPP Group, has agreed to let the space, which represents 12% of the total floor area, on a five year lease.
Having completed an extensive refurbishment programme over the past three years, completely remodelling the c.8,500 sq m building internally and externally which included replacing the HVAC machinery, electrical systems, roof, insulation and fully redesigning the exterior façade and interior space, the property has been transformed and is now an integral part of the local community. Over this period, M7 has agreed 27 new lettings and lease extensions with high profile brands/occupiers such as CCC, Fressnapf and Pepco. This activity has increased the occupancy of the asset to 92%, with all of the anchor units at the centre now fully occupied, extending the average unexpired lease term to 4 years. The arrival of Sinsay will have a positive impact on the ability to let the remaining space.
Balázs Magyar, Managing Director of M7 Real Estate in Hungary, commented: ““Despite nationwide restrictions on store operations over the past year, the Csillag Center has maintained strong footfall and turnover levels. This helped to convince Sinsay that we had the right location for their new opening in Hungary.
“This is the last significant letting to be completed at the Csillag Center and Sinsay is a valuable addition to the high quality occupier mix we have curated. The result of our asset management strategy for the property has seen its annual net operating income increase by c. 220%, demonstrating our ability to turnaround assets whilst creating value.”
M7 was advised by Cushman & Wakefield.