Resolution Property has completed the acquisition of a ca. 37,200 sqm office portfolio in Budapest, Hungary. The portfolio is comprised of two fully let, recently refurbished, Class A office buildings, Margit Palace and Buda Square, acquired from CEE-focused Hungarian fund manager Adventum Ltd.
IHG (InterContinental Hotels Group) has signed a management agreement with Granit Polus Group for a compelling property to be re-branded to Crowne Plaza Budapest in 2021. The hotel, located in downtown Pest in the same building complex as the Westend City Centre shopping centre, is currently operated by Hilton under the name Hilton Garden Inn Budapest City Centre.
Hungary’s rental property market had an uneven month as prices were on average 5% lower than a year earlier according to the joint Rent Index of the Central Statistical Office (KSH) and real estate portal ingatlan.com. Rents were down 0.7% compared to August in Budapest in September, the last month of the season, while prices in other regions in Hungary remained level.
HelloParks, Futureal Group’s recently established industrial and logistics property development and investment company, has acquired its first development plot in Fót, next to the junction of motorways M0 and M3. The 76 ha greenfield investment will house energy-efficient buildings that meet the BREEAM sustainability standard, with the first facility to be completed next year.
Hungarian property investor and developer Wing is expanding its East Gate Business Park, located next to Budapest, with a new 9,200 sqm hall. The handover of the building, which is 30% pre-leased, will take place in the second half of 2021.
Total demand on the Budapest industrial/logistics market amounted to 460,000 sqm in Q1-Q3 2020. The vacancy rate at the end of Q3 2020 stood at 2.3% following a 0.21 pps decline y-o-y. The Budapest Research Forum published its quarterly industrial/logistics market analysis
The sixth and last building of the Váci Greens office complex in Budapest, the 23,445 sqm Building “E”, has received the final occupancy permit. With this, Atenor’s flagship project in Budapest is completed.
Reuters reports that Magyar Telekom (Deutsche Telekom’s Hungarian unit), which moved into its newly constructed Budapest HQ in Q3 2018 and signed a 15-year lease agreement for 58,000 sqm, is considering subletting some of its office space.
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