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.
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