ARTICLES LABELLED WITH TAG Budapest

GTC announced the acquisition of a new development project in Budapest, adjacent to GTC Hungary’s Center Point Office Buildings. This new project will be titled Center Point 3 and will add approximately 35,500 sqm GLA of office and commercial space to the flagship Center Point Office Campus.

K&H Bank concluded a financing agreement with the developer concerning BudaPart GATE, the first office building of the largest multi-functional real estate development of Budapest. The first office building of BudaPart is a 20,092 sqm and 11-storey building with an occupancy soon reaching 40%.

NEPI Rockcastle announced the acquisition of 100% of Mammut 2 and 81% of Mammut 1, which jointly form the Mammut shopping centre in Budapest. The aggregate net purchase price for the acquisition was €254 million, according to the company's statement.

Prologis has begun construction of a new 10,000 square meter speculative facility at Prologis Park Budapest-Harbor in Hungary. Completion is scheduled for the first quarter of 2019, just six months after the start of the development.

Chapman Taylor’s design for a mixed-use community in Budapest has been unveiled. The urban regeneration masterplan would transform a derelict former slaughterhouse complex into a dynamic residential and office district with complementary retail and leisure provision and two underground levels of parking.

A strong increase in new supply is expected in the upcoming two years, however, most submarkets of the Budapest office market will still face rental growth in 2018. Sustained rental growth for Class A properties across all submarkets - except the Periphery - is forecasted. Rental growth on the Class B market is expected to be more moderate, driven both by Hungarian firms entering the institutional market and multinational firms seeking lower cost office options, according to Colliers International's latest, mid-year office market report.

MOM Park, a 50,000 sqm prime shopping mall and office property in Budapest was sold by a consortium of a fund managed by Morgan Stanley Real Estate Investing, Hungarian developer and investor Wing and Austrian shopping centre specialist CC Real to OTP Real Estate Investment Fund. The mall had been acquired in 2015 by the consortium, and since then significant investments have been made in the building enhancing its value as a property and a business.

Skanska has sold Mill Park, a two-building office project in Budapest, to the real estate fund of Erste Alapkezelő Zrt., one of the subsidiaries of Erste Asset Management GmbH, for €100 million. This is the second acquisition from Skanska in Budapest that the purchaser has made following the Nordic Light transaction in 2016.

Skanska has acquired the 61-meter Waterworks office building in Budapest. The developer is demolishing the 26,000 sqm office building which dates from 1981. Later on, Skanska plans to develop a modern, visionary office complex in the same location.

Promenade Gardens, a recently completed office building on Budapest’s Váci corridor, changed owners on 1 August 2018, when Erste Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development. The new, dual certified (LEED Gold and BREEAM Very Good) asset of 25,000 sqm has already been chosen by a number of international tenants such as Celanese and Citibank, with more signed deals to be revealed soon.