Tuesday, 28 October 2025
Futureal Group, the owner of Etele Plaza in Budapest, has signed a new €165 million loan agreement with a consortium of Erste Bank Hungary Zrt., Erste Group Bank AG, and UniCredit Bank Hungary Zrt. to refinance existing loans and extend credit for long-term operations.
The new facility refinances the previous financing concluded in 2018, which was at that time the largest shopping-centre development loan in Hungary in a decade. The agreement extends the loan maturity to 2035. Legal support for the transaction was provided by DLA Piper.
Etele Plaza, which opened in 2021, is located at Etele Square, adjacent to Kelenföld railway station and Metro Line 4, forming part of Hungary’s largest transport interchange. The 55,000 sqm complex includes over 150 retail units, restaurants, a supermarket, cinema, fitness facilities, and family-oriented amenities.
According to János Gárdai, CEO of Futureal, the refinancing reflects the centre’s stable performance and the group’s long-term credibility with financial institutions. He said the new structure “ensures continued operational stability and competitiveness in the years ahead.”
Representatives of the financing banks highlighted the project’s steady results, sustainability credentials, and established relationship with Futureal. Erste Bank’s Head of Real Estate Financing, György Salamon, noted that Etele Plaza’s “consistent growth and ESG-compliant solutions” were key factors in securing favourable terms. UniCredit Bank’s Head of Real Estate Financing, András Zölei, confirmed that the bank provided half of the total financing.
Etele Plaza was developed with a focus on energy-efficient operations and digital management systems. The property holds a BREEAM In-Use Outstanding certification — currently the only shopping centre in Hungary with this rating. Its building management system integrates energy recovery and adaptive climate control, reducing total energy consumption by approximately 15% since 2023.
The refinancing agreement reinforces the long-term cooperation between Futureal and its financial partners and ensures the continued stable management of one of Budapest’s key retail and entertainment destinations.
