S Immo will further expand its Hungarian portfolio. The company is planning to develop a 40,000 sqm project on the Váci Road office corridor.
Austrian-based S Immo, which is mostly active in the CEE region, has been present in Hungary for 20 years and owns 110,000 sqm of offices and hotels there.
According to a statement, it is planning to develop a 40,000 sqm project on the Váci Road office corridor. The project, valued at approximately HUF 30 billion, could begin next spring.
The group owns some 1.3 million sqm of property in the European Union, with a 93.2% occupancy rate and 5% rental yield as of 30 June 2021. S Immo had revenues of nearly €91 million in the first half of 2021 and nearly €174 million in 2020. Its local unit, S Immo Hungary, had revenues of HUF 7 billion.
