According to CBRE, it is very likely that business deals in the Hungarian investment property market in 2017 will reach last year’s €1.54 billion (HUF480 billion) turnover.
With the sale of two high profile, multi-tenanted logistic centres and three city centre assets, CBRE is feeling confident about the year ahead. High-value landmark office buildings in Budapest such as Váci Corner, Nordic Light or Park Atrium, or significant properties of the Budapest industrial and logistics market such as the South Pest Business Park or Aerozone have all changed hands during the last 12 months.
In the 8 major transactions that have taken place with CBRE involvement buyers paid a total of nearly €350 million for the properties. This has been completed in addition to CBRE’s involvement in CPI Property Group’s acquisition of the five Hungarian assets previously owned by CBRE Global Investors.
According to CBRE’s Capital Markets Team commercial properties worth some €500 million will soon appear on the Hungarian real estate market. The year’s turnover is expected to exceed last year’s €1.54 billion, which would show an undiminished growth of the investment market since 2012.
”With a number of other high profile assets in the deal pipeline and due to be announced in Q2 2017; CBRE is of the opinion that investment volumes could top that of 2016”, Tim O’Sullivan Head of Capital Markets at CBRE Budapest noted. This increased level of activity is based around new equity entering the market and solid fundamentals underpinning investor assumptions and underwriting.
