ECE begins Szeged Árkád

ECE Projektmanagement laid the foundation stone for its €100m shopping center in the southern Hungarian city of Szeged this week. The German property developer signed a €74m loan with Westdeutsche Immobilienbank to finance the project, scheduled to open in the fourth quarter of 2011.
“Our cooperation with WestImmo is a positive signal and shows that well-designed retail projects such as the Árkád Szeged can also be realized in the current financial market crisis,” ECE’s CEO, Alexander Otto, said in a statement this week.
Leases have already been signed on about half of the 130 units going in the three-story, 41,000 sqm shopping center.

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