News Article Budapest Cresa Erste Erste Ingatlan Hungary industrial logistics warehouse
by Property Forum | Investment

Erste Real Estate, a subsidiary of Erste Bank Hungary, has signed an agreement to sell 57 hectares of a 170-hectare plot in Ecser, next to Budapest, to an international logistics company that intends to build a 100,000-square-meter high bay warehouse on the plot. VLK Cresa assisted the seller in this transaction.

Erste Real Estate owns additional development land in the Ecser area which it intends to sell, added Melitta Molnár, Asset Manager at Erste Real Estate.

Within a short period of time, this is the second land sale of a similar magnitude concluded with the help of VLK Cresa. The nearly 100,000 sqm Pepco logistics centre in Gyál has recently been handed over and the building is already in trial operation, while Jysk plans to build an even larger logistics centre on the 57 ha land now sold by Erste. Based on the comparison of the conditions of the two very similar transactions, we can say that land prices in the catchment area of Budapest have not drastically decreased, which may give cause for optimism even in this difficult period,  said Valter Kalaus, Managing Partner of VLK Cresa.

Valter Kalaus

Valter Kalaus

Managing Partner
VLK Cresa

Valter has more than two decades of comprehensive international experience in corporate real estate consulting and tenant representation. He advised Fortune 500 and Fortune 1000 companies in the USA and globally, and since 2001 he has been focusing on office and industrial users mainly in the Central European real estate market, especially in Hungary. Since establishing the predecessor of VLK Cresa, VLK Real Estate Consulting in 2008, his clients include such well-known companies as NNG, Lufthansa Systems, WizzAir, Kelly Services, and AGCO | GSI as tenants in successful projects. Currently, he is the managing partner of VLK Cresa.  More »