The pan-European property developer has signed a EUR 165 million loan agreement with a consortium comprising Erste Bank Hungary Zrt., Erste Group Bank AG, and UniCredit Bank Hungary Zrt.

In 2018, Futureal concluded the largest Hungarian shopping center development financing of the previous decade to deliver Etele Plaza.

Owing to the project’s strong performance in recent years, the partners have now refinanced this transaction and extended the loan maturity to 2035. On the financing consortium’s side, DLA Piper provided legal support for the agreement.

“Etele Plaza, now in its fourth year, has delivered robust market results, and Futureal has maintained a stable financial and professional track record for two decades. These factors created the conditions to refinance the project on favourable, long-term terms.

Our collaboration with financial partners further strengthens the project’s financial stability and ensures that Etele Plaza can continue to operate competitively in the years ahead,” said János Gárdai, CEO of Futureal.

Opened in 2021, Etele Plaze is located next to Etele Square, at Hungary’s largest multimodal transport hub, where Kelenföld railway station, Metro Line 4, and the inbound sections of the M1 and M7 motorways converge.

In addition to more than 150 shops, the center offers a supermarket, restaurants, cafés, a fitness club, a multiplex cinema, a children’s playhouse, and a wide range of services.

“With its uninterrupted growth over recent years, excellent tenant mix, and modern, ESG-eligible solutions, Etele Plaza has proven that it deserves the trust of financiers. We are pleased that we could sign another long-term financing with Futureal Group, further strengthening our excellent, close to two decades business relationship,” stated György Salamon, head of Real Estate Financing Department at Erste.

“We are proud that our bank is financing 50% of the transaction. We are pleased to have such an excellent and wide-ranging cooperation with the Futureal Group – we would like to thank them and our financing partners for the joint efforts,” added Zölei András, head of Real Estate Financing at UniCredit Bank.

Sustainable operation played a central role in the development of the 55,000 sqm gross lettable area Etele Plaza, alongside digital and design solutions, the developer tells the Budapest Business Journal.

In day-to-day operations, the centre has earned one of the highest sustainability ratings, BREEAM In-Use Outstanding. Among shopping centers in Hungary, it is currently the only asset that meets the stringent requirements of the certificate. Etele Plaza’s building management system (BMS) maximises the complex’s operational efficiency.

The center uses a special thermal energy loop that combines ventilation with heat recovery, optimising indoor temperature and the required cooling or heating according to weather conditions and visitor numbers.

With the help of the BMS, Etele Plaza achieved 15% lower consumption in 2023 than initial levels, and the system has been continuously fine-tuned since then.
 

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