The shopping centre project being built along the M3 motorway has made significant progress

Faedra Group has entered into a successful financing agreement with OTP Bank for the development of the MyRA Park M3 retail project, according to a statement from the property development company.

The project involves the construction of a strip mall-style shopping centre with a floor area of nearly 6,000 m² at the Bagi junction of the M3 motorway, near Budapest. The development is partly financed by OTP Bank, alongside the Faedra II Property Development Fund managed by Faedra Fund Management.

A total of 8,500 square metres of retail space is being developed

The development of MyRA Park M3, which is being built at the Bagy exit of the M3 motorway, commenced at the end of 2025, and the project is scheduled for completion in the fourth quarter of 2026.

The development will create a total of 8,500 square metres of retail space across two phases, accommodating more than ten shops. There will be 275 parking spaces available for visitors.

According to the announcement, the new centre is designed to cater for both through traffic and the day-to-day needs of local residents. Grant Thornton is acting as the project’s technical auditor.

Tenant interest has confirmed the viability of the concept

The statement also quoted Bence Boronkay, speaking on behalf of Faedra Group, who described the agreement securing the financing as an important milestone. „With this project, we are actively entering the retail property market, whilst also realising our first collaboration with OTP Bank,” said the managing director.

He emphasised that building a diversified portfolio is part of their strategy, in which the retail segment is playing an increasingly significant role alongside residential and industrial-logistics developments. „Tenant interest in the project and the results achieved so far confirm the relevance of the market and the viability of our concept,” he pointed out.

Melinda Prácser, Team Leader of the OTP Bank Property Finance Department, explained that our decision to finance the development was based on the project’s prime location, well-thought-out concept and strong pre-letting activity. „It is of paramount importance to OTP Bank to support developments that respond to genuine market demand, are built on a stable business foundation, and create value in the long term. We are confident that the collaboration we have now launched with Faedra Group marks the beginning of a fruitful and lasting professional partnership,” said the group leader.