German shopping centre developer ECE Projektmanagement and Deutsche Bank have started construction of Árkád II shopping centre in Budapest, Hungary.

Árkád II will be developed next to Árkád I, which opened nearly 10 years ago. The new shopping centre, involving an investment of EUR 80 mln, will comprise around 20,000 m2 of rental space on three levels.

Completion of the scheme is expected for the spring of 2013, after which the two investors will start modernisation work on Árkád I. On overall completion in fall 2013, the two assets will house more than 200 stores, cafés on a total retail space of 68,000 m2 and 1,600 parking spaces.

ECE is responsible for the management and leasing of both schemes.