K&H Bank concluded a financing agreement with the developer concerning BudaPart GATE, the first office building of the largest multi-functional real estate development of Budapest. The first office building of BudaPart is a 20,092 sqm and 11-storey building with an occupancy soon reaching 40%.
Market Építő Zrt. is responsible for the construction works which commenced in 2017 and will be completed by the end of 2019. The office building featuring energy-efficient and modern architectural solutions as well as large green areas will receive a LEED GOLD certification, along with a parking garage with 405 parking spaces on three sublevels.
This is already the second agreement between K&H Bank and Property Market Ingatlanfejlesztő Kft., as they have already concluded an agreement on Buildings A and C of BudaPart Homes in the first phase of the project.
“With such a large scale and complex investment, it is highly important that we develop a close cooperation with our financing partner to jointly find the most adequate and customized financial solutions. As in the case of all project-financing transactions, the financing is realised with strict conditions and permanent monitoring from the bank, which provides assurance for our future tenants and buyers regarding the appropriate implementation of the project,” said Dr. Bence Nádasdy, Investment and Financing Manager.
Within the framework of BudaPart, a total of 30 buildings (15 residential and 14 office buildings, as well a hotel) will be constructed. Four of these residential buildings and one office building are expected to be completed in 2019.