ARTICLES LABELLED WITH TAG Hungary

Atrium European Real Estate Limited announced the sale of 18 assets in Hungary and one in the Czech Republic for a combined price of €70 million, representing an 8% premium to the book value as at 30 September 2017. The disposals form part of the company’s ongoing strategy to improve its portfolio through the selective rotation of capital towards high quality, well-established shopping centres which dominate their catchment areas.

French-owned international retailer Auchan Retail is poised to increase its commercial capacity in Hungary with a new, integrated logistics centre at Üllő Airport Logistics Centre near Budapest. The 87,200 sqm, greenfield facility will be the largest of its kind ever built in Hungary and is being developed by Goodman. The new hub will be key to Auchan Retail’s strategy to develop a multi-channel offer for Hungarian customers.

Appeninn Nyrt. announced the purchase of a historic building in the centre of Budapest for €7 million through the acquisition of holding company Plaza House. Dávid House, located on Andrássy Road and formerly known as Andrássy Palace, has 2400 sqm GLA. It was transformed into a Class A office building in 2001.

A 20,000 square meter logistic centre was taken over by SEG Automotive's domestic unit, which specializes in the development and production starter motors and generators. The technologically advanced warehouse – featuring indoor GPS-tracking – is the largest interconnected hall in the region.

As of 01 March, Géza Barabás will lead the S Immo subsidiary in Budapest and hence be responsible for the Hungarian portfolio’s management.

Wing Zrt. has acquired a retail portfolio which includes the EuroCenter Óbuda shopping centre as well as two properties in the regional city of Szombathely. The company has over ten years of experience developing and managing retail properties and plans to carry out value-enhancing investments across the new portfolio with a particular focus on the Buda shopping centre. Wing intends to invest in improving the shopping centre’s existing strengths for both shoppers and tenants.

CPI Property Group announced the disposal of the Budaörs Office Park property in Hungary, located in the Western suburbs of Budapest, at an undisclosed price. The buyer is a Hungarian real estate fund which has not been named.

Prologis has launched a car sharing service that is available to employees free of charge in four Prologis parks (Budapest M1, Sziget, Harbor és Gyál) in the vicinity of Budapest. 

FLE, a relatively new player on the CEE investment market, plans to acquire €100 million worth of assets just in Hungary and expects new investors to join the race. Dr. Alexander Klafsky, LL.M. MRICS, Managing Partner at FLE GmbH talked investment strategy and market expectations.

European office rental growth slowed to 0.4% over the quarter, though still posted a respectable 2.4% annualised growth. Budapest led the way with growth of 9.1% across the quarter, supported by strong demand, historically-low vacancy rates and a lack of Class A space. Demand for logistics space is supporting rental growth and driving yields lower across Europe, according to Cushman & Wakefield’s latest DNA of Real Estate report.