ARTICLES LABELLED WITH TAG Hungary

With investor appetite for newly-built offices remaining competitive there is also a continuous demand coming from investors seeking older, yet sustainably rentable offices with high occupancy – these refurbished offices remain attractive for the active funds in Budapest. This time CBRE has transacted Bluehouse Capital’s Margit Palace sale to Adventum TRIUM Real Estate Fund.

Skanska is investing about €29 million in the third phase of Nordic Light office complex, located in the 13th district of Budapest with a total leasable area of 14,000 sqm. Nordic Light Trio is designed to meet the WELL Building Standard.

Futureal Group signed a loan agreement for €150 million (roughly HUF 48 billion) with a consortium led by UniCredit acting as Bookrunner and Facility Agent. UniCredit and Erste Group will finance Buda's biggest shopping centre with equal parts, marking one of the largest shopping centre-related financings in Hungary over the past ten years. The construction of Etele Plaza, with a gross area of 137,000 square meters, is already underway.

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.

pbb Deutsche Pfandbriefbank provided a facility of €68 million to ECE. pbb acted as arranger and sole lender under the facility.

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.