ARTICLES LABELLED WITH TAG Budapest

GTC has decided to extend its Hungarian portfolio with the Váci Greens D office building in Budapest. The transaction is partially financed from the green bonds issued in 2020 and is in line with the Group strategy to invest in a sustainable portfolio of commercial buildings located in the CEE capitals.

The construction of a new building in the BudaPart mixed-use project in Budapest has started. As Mihály Schrancz, Managing Director of developer Property Market Kft., said earlier in an interview with Portfolio in December, the company has signed an agreement with the Radisson chain for a mixed-use development comprising a four-star hotel and office space. The Radisson Hotel Budapest BudaPart, to be built as part of the BudaPart Downtown project, will be operated by the Radisson Hotel Group international chain.

Budapest’s housing market is becoming more eventful for used and newly-built homes alike as sales have started to pick up in early 2021. As a result, developers sold more than 1,600 new homes between December 2020 and February 2021, nearly half the total number of new homes sold last year. At this rate, total sales figures may even double this year. As usual, most new homes were sold in Budapest's District 13, but the Inner Pest districts have also attracted large numbers of buyers. Data from the Budapest Housing Market Report by Eltinga and Ecorys reveals the number of new homes sold early this year in various locations.

Public transport expert Dávid Vitézy, CEO of the governmental organisation Budapest Development Agency (BFK), was recently invited by RICS to join its ranks as a Fellow Member, recognizing his unique professional knowledge. On the occasion of this new appointment, he talked to Property Forum about the future he imagines for Budapest.

Major upgrades have launched recently in the myhive Haller Gardens office building, owned by Immofinanz in Budapest and a showroom has been completed in the first phase as planned. The large-scale renovation will affect the entire office building. In addition to the significant energy and technical improvements, the building’s exterior facade, community and office spaces, restaurant and café will be renovated, just as the roof terrace and surrounding garden that will be significantly rebuilt.

CTP is starting the construction of 80,000 sqm in Vecsés, a strategic location near Budapest Airport. With the market-leading 250,000 sqm under development in Hungary and high demand of the logistics and industrial space due to its large undersupply in the entire CEE region, CTP will reach the target of a 1 million sqm portfolio in the country already by the end of 2022, a year ahead of the originally projected forecast. CEE’s largest industrial developer already manages 10 parks in the size of 520,000 sqm in the country.

Hungarian lender OTP Bank is providing the largest project financing loan to date for the development of the Duna Terasz Grande apartment complex in Budapest. According to the financing agreement signed recently, OTP provides a HUF 23 billion (appr. €62.8 million) loan for developer D&B Ingatlanfejlesztő-Group. The 790-apartment project is the largest waterfront residential development in the 13th district. It will be handed over in 2023.

Owner CPI Hungary will complete the second stage of a reconstruction project in its Arena Corner office building, updating it to reflect the latest office trends and changing tenant requirements.

The NIPÜF Group has opened two new warehouse units in the industrial park of Páty, near Budapest. The tenant for the facility, now expanded to 23,000 sqm, is Waberer’s-Szemerey Logisztika Kft.

The Park Atrium office building in Budapest will be given a new look. As part of the reconstruction, the functions of the public spaces will be optimized according to new land-use principles and fresh design ideas, the ground floor lobby, the reception space, the conference centre and the community garden will be renewed. A new café overlooking the City Park will also be opened. The works will be completed this spring.