Budapest, Hungary
צילום: עופר ורדי
Casaro to build 4 malls in Hungary, Slovakia
Shlomovitz family's company inaugurates new commercial center in Hungarian city of Tiszaujvraos built at investment of €6 million, manages to secure financing for four additional centers
The Casaro Hungary company, owned by the Shlomovitz family, plans to build four open and roofed commercial centers in Hungary and Slovakia over an average area of 85,000 square meters (914,929 square feet), Yedioth Ahronoth's economic newspaper Calcalist has learned.
This family company is managed by David Shlomovitz and his son Shlomi, and it made the headlines last year after competing for the purchase of the Burger Ranch hamburger chain.
The company received funding for all of its projects, branded Piramis. The Piramis Szekszard project, whose construction will begin in the coming months, already has a 40% occupancy rate.
In the other projects the company got several tenants to sign a document of principles for leasing areas. Later this year, the company plans to start building two housing projects in Budapest, which will include 131 housing units, 50 of which have already been sold.
Last week, Casaro inaugurated a new commercial center in the Hungarian city of Tiszaujvaros, built at the investment of €6 million (about $7.6 million).
The center, Piramis Tiszaujvaros, occupies 7,500 square meters (80,729 square feet) and includes 183 parking spaces. It has a 90% occupancy rate, with furniture and clothing stores, banks, food chains, etc. The average monthly rent for a store the compound is about €9 ($11.5) per square meter.
The center was built in the heart of Tiszaujvaros, near the central bus station. The city has some 70,000 residents with some of the highest average incomes in Hungary.
David Shlomovitz, the CEO and one of the owners of Casaro Hungary, says that in spite of the financial crisis he believes in the great potential of promoting commercial projects, particularly those built in central small towns in Hungary and Slovakia.
The Casaro Hungary company has been active in the real estate field in central and eastern Europe since 2001. The father and his son, who left Israel for Hungary about eight years ago, have been managing the activity in Hungary, Slovakia and Romania.
Casaro runs more than 250 assets in the Hungarian capital of Budapest and is involved in the construction of medium-sized commercial centers, mainly in small towns, where it specializes in the management and setting up of the projects and in the creation of strong ties with the local municipalities.
