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14th September, 2018

South African investor buys Mammut



Property investor NEPI Rockcastle has acquired a majority stake in one of Budapest’s largest shopping malls, Mammut, for €254 million, it was announced on Thursday.

NEPI Rockcastle is present in nine East and Central European countries and is listed on the Johannesburg and Amsterdam stock exchanges.

Its subsidiary NE Property Cooperative signed an agreement to buy an 81% stake in Mammut 1 and a 100% stake in the Mammut 2 mall.

The Mammut 1 shopping centre opened in central Buda in August 1998, followed by Mammut 2 three years later. The adjoining shopping centres have 56,500m2 of retail space and attract 15.6 million customers per year.

The average rent per month is €22.10/m2. Annual revenue from rents is €14.6 million.

NEPI Rockcastle expects Mammut to generate €4.3 million in profit to shareholders for the remainder of this year and €14.7 million in 2019.

NEPI Rockcastle bought Arena Plaza, the second largest shopping centre in Budapest, last October for €275 million.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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