Wing has sold the Angyal (Angel) office building, set adjacent to Boráros Square in Central Budapest, to French economy hotel chain B&B Hotels. The building will be converted to a hotel based on the two companies’ strategic agreement, and become B&B Hotels’ first hotel in Hungary, with Wing taking on development tasks. The first B&B Hotels location in Hungary set to open on 7,700 sqm.

During 2018 the total commercial real estate investment transaction volume passed the €1.8 billion level in Hungary, marking the third consecutive year of stable and strong investor appetite and the highest annual transaction volume since 200, according to JLL Hungary's latest numbers. Hungarian funds were the most active purchasers with a market share above 50%.

Wing has acquired Siemens’ office complex on Gizella Road in Budapest. The complex offers a total GLA of 40,000 sqm in eight buildings, most of which is office space, in addition to areas with industrial and educations functions. The property also has the potential for further development.

The final group of tenants has moved in to the first phase of Advance Tower, Futureal Group’s new office building on the Váci Road office corridor in Budapest, Hungary. The building, designed to support the health and comfort of over 1,400 employees, offers a GLA of 12,000 sqm. The second phase of the development is now structurally complete with handover expected in H2 2019.

Danish facility management company ISS plans to divest its operations in thirteen countries worldwide, including the Czech Republic, Hungary, Slovakia, Slovenia and Romania.

The European property sector is expected to grow and bring new opportunities, despite continued downside risks, according to CBRE’s 2019 EMEA Market Outlook report.

Market sentiment remains positive across Central and Eastern Europe, according to the RICS Commercial Property Monitor. Strong demand from tenants and investors persists in almost all market segments but the number of signs that some markets have reached their peak continues to grow.

Representing Magyar Posta Takarék Real Estate Investment Fund (MPTIA), Diófa Asset Management has signed a sales and purchase agreement with Portico Investment for a 27,500 sqm retail portfolio in Budapest and its agglomeration. Once regulatory approval is obtained, the size of the portfolio managed by Diófa will exceed 330,000 sqm.

Retailer demand for physical store space will remain steadfast throughout a number of key retail markets over the next five years, with the Health and Beauty sector leading the way in driving future growth requirements according to global real estate advisor CBRE.

According to Cushman & Wakefield, commercial real estate in the first three quarters of 2018 the total investment volume in six CEE countries (Poland, the Czech Republic, Slovakia, Hungary, Romania and Russia) reached €8.9 billion. Investment activity in Poland exceeded the value recorded for the whole of 2017 and is expected to reach a record high of €6 billion by the year’s end. The sustainable and solid performance was recorded in Hungary and Slovakia with volumes hitting those in 2017, whereas Russia, the Czech Republic and Romania are expected to close the year at lower investment volumes, slightly below the 2017 levels.