Canadian property company Trizec has signed a 50/50 joint venture agreement with Budapest-based Polus Investments to develop shopping centres, mixed-use office projects and business parks in central Europe.
The joint venture is looking at projects in Budapest and Bratislava. Trizec president and ceo Gregory Wilkins said: “This is an important step in Trizec’s growth strategy. The combination of Trizec’s extensive real estate expertise and Polus’ experience in central Europe puts us in a unique position to achieve growth.”
Toronto-based Trizec’s portfolio consists of office buildings throughout North America and regional retail centres in the US. It has recently agreed to merge with Horsham Corporation, which already has a 48% stake in Trizec, to form Trizec Hahn Corporation.
Trizec Hahn will be the second-largest property company in North America, with total assets of $6bn and 70 retail and office buildings.
Polus is a private company owned by Sandor Demjan. The former president of the Hungarian National Bank, Ferenc Bartha, will be managing director of the joint venture venture.
Polus is currently building a shopping centre in Budapest, Polus Centre, which opens this month.
