ARTICLES LABELLED WITH TAG Hungary

One of the most important local players on the Hungarian market has closed two transactions at the end of 2017 and there are more in the pipeline for 2018. Balázs Czifra, Property Investment Director at Diófa Asset Management talked to Property Forum about his plans and expectations.

Total demand on the Budapest industrial market amounted to 211,250 sqm in Q4 2017, marking a 58% year-on-year increase. The vacancy rate dropped to a new record low of 4%. The Budapest Research Forum published its quarterly industrial market analysis.

Total demand on the Budapest office market in Q4 2017 reached 144,365 sqm, representing a 13% decrease year-on-year. The office vacancy rate has decreased to 7.5%, the lowest rate on record. The Budapest Research Forum published its latest figures.

Colliers REMS Hungary has been assigned by Skanska for the role of property manager for Mill Park Offices, from 2018. Mill Park is Skanska’s latest office project in Budapest, consisting of two buildings, Mill Park A and Mill Park B, with a total GLA of 36,000 sqm, divided over 7 floors and 538 parking places. Building B will be delivered in Q2 2018, while building A in Q3 2018.

Last year, in a landmark deal, CPI Property Group has acquired 11 CEE retail assets from funds managed by CBRE Global Investors. Country Manager Mátyás Gereben talked to us about the company’s future plans for Hungary and revealed what’s in store for the five assets – shopping centres Pólus and Campona, the Andrássy Complex and two Interpsar stores – that were added to CPI’s Hungarian portfolio as a result of the €650 million deal.

Market Central Ferihegy, one of the largest retail parks in Hungary, and adjacent office complex Quadrum have been acquired by Erste Real Estate Fund. According to Erste Asset Management, growth of the economy and expansion of the retail market in Hungary may facilitate higher rent, representing favourable outlooks for future returns of real estate funds.

The 145-room ibis Styles Budapest Airport Hotel, the first airport hotel in Hungary with a direct terminal connection, constructed in a development project by Wing, opened for business at the beginning of January. The 6,600 sqm hotel is located approximately 200 m from Terminal 2, and is connected to it by a covered walkway.

MCAP Global Finance, the London-based subsidiary of global investment manager Marathon Asset Management, has acquired the Népliget Center office building in Budapest on behalf of its funds and managed accounts. The transaction price has not been disclosed. The buyer was advised by Lodge & Partners, which will oversee the local asset management of the building.

From its handover in January 2018, Cushman & Wakefield has been assigned with the property management of the 15,647 sqm Váci Greens D office building developed by Atenor.

Rudolf Nemes will be joining CTP as Country Manager in Hungary, effective on January 8th, 2018, while István Pozderka became the company’s new Senior Business Developer in Hungary, effective on January 1st, 2018. The primary task of the new team will be to accelerate business growth and to strengthen the Hungarian platform in order to create the foundation of a sustainable future expansion.