Miller Developments - Retail Development - Hungary, Budapest Factory Outlet Center

Date: 14 Jun 2004

Miller Developments and Raiffeisen Ingatlan, the real estate developer of Bank Hungary, have started work on the Budapest Factory Outlet Center, their joint venture development in Budapest, Hungary.

Nike has already publicly announced its intention to open a 900 sq m (9700 sq ft) unit in the Miller / Raiffeisen scheme.

Other pre-lets for the 13,500 sq m (145,313 sq ft) Phase 1 include internationally recognized brands such as Tom Tailor, Camel Active, Mexx, Budmil, Fila, Levis / Dockers, Vans and Mustang.

Budapest Factory Outlet Center totals 16.2-hectare (40-acre) and is situated approximately 15 minutes drive south west of Budapest's city centre in the municipality of Biatorbagy, at the junction of the M1 and M0 motorways.

In Phase 1 the scheme has parking for over 2000 cars and will be linked to the city centre via a local bus service.

Completion of construction of the first phase is scheduled for October.

Phil Miller of Miller Developments comments: "With Hungary joining the EU earlier this month, interest in the country from international retailers is at an all-time high. The list of high-street international brands that are eager to be part of Hungary's premier factory outlet development underlines this demand."

GVA Grimley is advising Miller/Raiffeisen.

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