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BUDAPEST-ING Real Estate plans to open a €200m retail, office and residential complex in the south of Buda in the Hungarian capital of Budapest on November 11.

The 150,000 square meters complex, called Allee, is being built on the site of the former Buda Skala shopping centre. It will have 36,000 square meters of retail space, 89 homes and 7,000 square meters of office space. Leases have been signed for nearly all of the retail space and 70 of the homes have been sold, but contracts for just one-fifth of the office space have been signed, ING development director for Hungary Gabor Glavatity told Hungarian news service MTI.

ING Bank is financing the project, which started in August 2007. Average rentals for the center’s three floors of retail space will be €25 a square meter, and €60-€100 a square meter for ground floor space. Average rentals for the office space will be €12.

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