ARTICLES LABELLED WITH TAG Budapest

The IN15 Office Park in Northern Pest has changed hands. CBRE supported the seller's side in the transaction. The 19,000 sqm office building’s sale shows that there is activity in the market despite the pandemic.

CA Immo continues its path of selling non-core property assets with the signing of a sales contract for the Canada Square office building (5,000 sqm) in Budapest. The buyer is Hungarian investor Investum Kft. The sale has closed at a premium of 28% to the book value as at 31 December 2020.

The first big tenant has moved into the first completed unit of the HelloParks industrial and logistics megapark located in Maglód, next to Budapest. FoxPost, the operator of the largest parcel locker chain of Hungary, has leased an area of 8,400 sqm and already started the installation of its new parcel sorting machines. With this investment of €1.5 million, FoxPost’s daily parcel sorting capacity will be increased by nearly tenfold.

Hungary-based Alfa Group plans to raise approximately HUF 10 billion in its first Green Bond issue scheduled for October 2021. Ohad Epschtein, Managing Partner of Alfa Group International talked to Property Forum about the importance of sustainability and he also shared some details about the company’s expansion strategy.

Accor announced the signing of the first Tribe hotel in Hungary in partnership with local real estate developer Futureal. The 250-room Tribe hotel will open in Budapest at the end of 2023. The project is a major milestone in Futureal’s operation as part of its new business line focusing on hotel developments.

Geis Logistics Hungary Kft., the local representative of the German-based transport and logistics company has signed a lease agreement for a custom-built production facility at CTPark Vecsés, near Budapest. The Geis Group will store Knorr-Bremse Systeme products in the new almost 16,000 square meters logistics facility with extra features related to the braking systems for rail and commercial vehicles produced by Knorr-Bremse Group.

Rents continued to rise in June 2021, increasing by 1.6% nationally and by 1.8% in Budapest compared to the previous month, the latest KSH-ingatlan.com rent index shows. Supply prices were also slightly higher than in the same period last year, something not seen for more than a year. Of all the district groups in Budapest, prices stagnated only in the outer districts of Pest, while the largest price increase (2.8%) on the previous month was recorded in the transitional districts of Pest.

Wing is launching the second phase of the East Gate Business Park project at the junction of motorways M0 and M3. The development of East Gate PRO will start with the construction of two new halls with an area of over 20,000 sqm, in response to market needs and increased demand. The first halls of East Gate PRO will be completed in Q2 2022.

Wing and RTL Services Kft., a business services company of Magyar RTL Televízió Zrt., have signed a long-term lease agreement involving the soon to be renovated Liget Center and Liget Auditorium office buildings. RTL Hungary’s head office and news studios will relocate to this nearly 9,000 sqm complex in a historic environment opposite City Park in 2024, after the renovation of the heritage buildings in a development fully tailored to the tenant’s needs.

Total demand on the Budapest office market reached 97,990 sqm in Q2 2021, representing increases of 31% quarter-on-quarter and 11% year-on-year. Renewals still made up the largest share of total leasing activity with 40%, according to the Budapest Research Forum (BRF).