News Article Budapest Eston Graphisoft Hungary REIT valuation
by Property Forum | Investment

Eston International’s portfolio grew by a REIT evaluation as the Hungarian advisory firm became the official property valuer of Graphisoft Park in January 2018.

Graphisoft Park comprises 14 office buildings on 18 hectares in Northern Buda. Development on the former site of the Óbuda gas factory started in 1998 and is still ongoing. At present 12,500 sqm of office space in four buildings and an underground garage with 450 places are being built. As a result of the development, Graphisoft Park will have 73,000 sqm of office, laboratory and education area in total.
The office park’s list of tenants includes Graphisoft, Microsoft, SAP Hungary, Servier Research and ThalesNano Nano-technological Research-Development. The park also includes educational facilities such as the Aquincum Institute of Technology and the International Business School.
Eston’s valuation team did technical expertise assignments for Graphisoft Park in the past. Now it’s doing its REIT valuation.
SZIT (REIT) is a special form of enterprise, which was acknowledged by Hungarian regulations in 2011. SZIT is the Hungarian equivalent of a Real Estate Investment Trust (REIT), which started in the US in the 60’s and has become widespread in Europe by now, has many advantages from a taxation point of view. It is, however, still a rare form of enterprise in Hungary.