Urban Plaza Plus Plc. Has Gone Public

The shopping center-focused real estate investment company Urban Plaza Plus Plc. is trading in the standard category of the Budapest Stock Exchange (BSE) on a euro basis, and its listing was celebrated with a symbolic opening bell at the BSE headquarters in Budapest on Thursday.

Tibor Tóth, CEO of the Budapest Stock Exchange, said: the biggest celebration in the life of the stock exchange is the debut of a new stock on the trading floor, and for Urban Plaza Plus Plc., going public marks the beginning of a success story.

He noted that last year, the BSE’s daily liquidity exceeded HUF 17 billion, representing a 50% increase on an annual basis. Based on the first four months of the year, they expect to show even greater growth this year, he added.

According to a statement sent to MTI by the Budapest Stock Exchange on Thursday, Urban Plaza Plus Plc. — formerly known as KEQI Plc. — bases its strategy on the ownership and development of retail real estate. The company was listed on the BSE’s product list with 10 million shares, each with a par value of one euro, and trading began on April 8 in the standard category of the exchange’s equity section.

The majority of Urban Plaza Plus’s shares are owned by an investment fund managed by Adventum International Ltd., a company registered in Malta, through its subsidiary.

They also noted that Urban Plaza Plus is currently the owner and operator of the KÖKI Shopping Center in southern Budapest, one of the largest shopping malls in the country.

Kristóf Bárány, chairman of the company’s board of directors, said that the KÖKI Shopping Center has undergone tremendous changes in recent years, citing as examples the renewal of its tenant mix and the installation of a solar panel array on the roof of the building.

He also noted that the company’s listing on the stock exchange marks a new era in its history, with the major advantage that it will enable the company to raise capital, issue bonds, and expand its portfolio in the future.