ARTICLES LABELLED WITH TAG Hungary

The development of Hungary’s largest office building to be constructed in a single block has reached an important milestone: the new Telekom Headquarters building is now structurally complete. Developer Wing Zrt, has customised the 100,000 sqm building fully in line with the specific needs of the Magyar Telekom Group.

Skanska plans to launch the construction of one new office building per year in Budapest. The construction of Mill Park is currently underway and works on the third phase of Nordic Light are to be launched in January 2018.

The first phase of Futureal’s Corvin 5 office complex is the first building in Hungary and the second in Europe to receive the international WELL Building Platinum pre-certification. The office building valued at €90 million and equipped with the latest environmentally friendly technologies is expected to be handed over by the end of 2018 in Budapest. Corvin 5 has been designed to make a positive impact on employees’ health and well-being.

Starwood Capital Group has entered, through a controlled affiliate, into the sale and management back transaction to acquire the Sofitel Budapest Chain Bridge Hotel from Orbis Hotel Group. The hotel is being acquired for €75 million.

Granit Polus is about to transform the most valuable plot of land in Budapest by a large-scale mixed-use development. The new district will host office buildings, retail units, residential areas and hotels.

OTP Property Investment Fund has acquired the BSR Center office building in Budapest from a fund managed by GLL Real Estate Partners.

The outlook for Central and Eastern European markets is still positive according to the RICS Commercial Property Monitor. Results for Q3 2017 show that both occupier and investment demand are still on the rise across the region. The peak of the current cycle is, however, undoubtedly getting closer.

Atenor announced the forward sale of the fourth building on the Váci Greens complex in Budapest to a Hungarian private fund. Building D comprises 14,145 sqm of office space, 1,502 sqm of commercial units and underground parking for 260 vehicles. Scheduled for completion by the beginning of 2018, the building is already partially (25%) leased to Unilever and to retail traders. The purchase price is estimated to be around €44 million.

A new Class A office building in Budapest’s CBD is to be delivered this year. The former electrical transformer building will comprise 2,630 sqm of modern office space on five floors. According to the developer, Markó Irodák 9 (MI9) is tailored to meet the requirements of creative workshops, start-up companies and other undertakings taking an up-to-date approach in general.

Continuing the ownership consolidation program started two years ago, Peter Munk, a Canadian businessman, was bought out of Granit Polus. In the new ownership structure, Sándor Demján and his direct management are the majority owners of the group of companies. Sándor Csányi remained as minority owner.