ARTICLES LABELLED WITH TAG Eston

Shopper Park Plus (SPP) has signed a letter of intent appointing Eston International – the Hungarian partner of Savills – as the exclusive property manager for its Hungarian retail park portfolio from 1 January 2026. The three-year contract will cover 14 grocery-anchored properties with Tesco as the main tenant, adding 200,000 sqm to Eston’s managed portfolio and bringing its total to over 600,000 sqm.

Wing's Telekom Campus in Budapest is now operating at nearly full capacity following a new lease agreement with an insurance company.

The yield shift began in Hungary with a bit of a delay compared to the regional countries, where repricing has already become evident. Office maintains its dominance but investors have started to see retail assets as more attractive than before, says Attila Balogh, Head of Capital Markets at Hungarian property advisor firm Eston International.

Although many projected that office development projects would be cancelled due to the pandemic, that is not what the numbers are showing. Developments are ongoing despite the emergence of working from home and Eston forecasts about 160,000 sqm of offices for rent to be put on the market this year, following 230,000 sqm in 2020. Meanwhile, the pre-lease ratio of buildings under construction is lower than seen in previous years, in line with the current demand trend.

Hungary’s property investment volume is expected to expand dynamically in 2021, since a significant amount of capital is looking for its place in the market. Offices with high levels of occupancy and logistics assets will be in the focus of investors. Hungarian advisory firm Eston, an official associate of Savills, has published its market reports for H2 2020.

A well-known automotive company will soon start operating in a 6,000 sqm modern factory building located on a nearly 5-hectare industrial plot in the catchment area of ​​Budapest.

In 2019 the volume of property investment transactions on the Hungarian market decreased slightly in comparison with the previous year (€1.75 billion), however, the total value of transactions has been higher than €1.5 billion every year since 2016. There was a strong and stable demand for office and retail properties, with the volume of hotel sales also increasing significantly, according to Eston International’s H2 2019 investment market report.

HGA Capital, a member of the CARISTO Management Group, has sold the Oktogon House office building in central Budapest to a company belonging to RIMO Holding AG. The transaction price has not been disclosed.

Eston International’s portfolio grew by a REIT evaluation as the Hungarian advisory firm became the official property valuer of Graphisoft Park in January 2018.

Wing is transforming the Material Center building in Budapest, which until now has operated as a shopping mall, into an office building. The building, which has an area of over 20,000 square metres, will be fully converted and renovated to a high standard, to be reborn as the Skylight City office centre. The preparatory works have already begun, and offices are already available for rental in the building.