In terms of diversification, 52 per cent is represented by retail, 34 per cent is ‘A’-class offices, whilst hotel and residential account for another 14 per cent.

Whilst 2011 has undeniably been a challenging year, CEO Árpád Török believes that the company’s many successes – not just in the past year, but over the past 24 months – set a positive benchmark for the coming year: “In the last two years we have completed the 200,000sq m Arena Centar in Zagreb, Croatia, a significant undertaking, whilst at the same time obtaining financing of over €400M in Hungary and elsewhere, and €200M development financing,” he says.

A major achievement indeed when one considers that the company has also completed close to 100,000sq m of office development in Hungary and Poland, including the largest office development at Millennium City Center in Hungary for the K&H Group.

The Arena Centar in Zagreb is the most sophisticated shopping and entertainment centre in Croatia, with close to 60,000sq m GLA and featuring a number of international retailers, such as Gap and H&M that are making their first entry into this market.

This project is located close to the city centre, next to the river Sava and parallel to the main highway leading to the Croatian coast.

“I would certainly say that this is a landmark development for Zagreb and has the best tenant mix in this market. I am sure, given this mix and the project’s modernity, that TriGranit would consider it a flagship in their portfolio,” comments Matthew Lunt, Vice President of Heitman, TriGranit’s Joint Venture Partner on the Arena Centar project.

The project’s balanced tenant mix also includes Marks & Spencer, Inditex Group, Interspar, with its largest hypermarket in Croatia, Sportina and brands such as Mango, Monsoon, Bata, Tamaris, Orsay, Tally Weil, Tom Tailor, Esprit, G-star, Butlers, Parfois, Six, Yamamay, Coffee Shop and XYZ.

“It has remained a challenging environment to open retail premises anywhere in Europe and Zagreb has been no different, though we believe that we are on track, having created a leading retail and leisure destination in the city,” comments Lunt. “We are extremely active in social media, which we see as one of the best and fastest ways to communicate – it will continue to be integrated into all advertising campaigns, updating customers on new tenants and the shopping centre itself.”

“Footfall is continuing to rise,” continues Török. “In fact, by the end of 2011 we will have seen between 8.5 and nine million visitors. The centre boasts the only IMAX theatre in Zagreb, which provides something of a major attraction.

“There are significant opportunities for further expansion of this project and we are working very closely with joint venture partner on the pre-development phase of offices that will enhance both the development and the performance of the shopping centre itself.”