Atenor announced the sale of the RoseVille office building located in District 3 of Budapest. The buyer is a Hungarian fund set up by international investors. This transaction is a significant achievement in the developers' operational plan and a major milestone in the Budapest investment market for the year 2023.
Despite the difficult market conditions, Atenor managed to close this transaction which will have a positive impact on its cash position of around €20 million and will reduce the consolidated debt by €9.5 million. This transaction will have no impact on 2023 results but could have a positive impact on the future company’s results, with the conclusion of future lease agreements (60% of the space having already been rented).
RoseVille is a prime office building located in North Buda, with a gross leasable area of 15,500 sqm, and was handed over in the summer of 2023. Tenants include international companies like Veeva Systems, L’Oréal and Red Bull.
“While the sector is facing a slowdown, Atenor has been able to propose an attractive investment with top sustainable quality that meets the evolving needs of businesses and investors.“, said Stéphan Sonneville, CEO at Atenor.
iO Partners Hungary acted on behalf of the seller. “We congratulate both parties and all advisors involved! Following the successful transaction of Freedom Palace last year, we are extremely proud to have attracted a new investor to the Hungarian market again and closed the deal in a record time in less than 3 months," said Gábor Zeller, Senior Director, Capital Markets, Hungary at iO Partners.
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