ARTICLES LABELLED WITH TAG Hungary

2016 brought about yet another turnaround on the Hungarian commercial property market. Real estate professionals from the country and all over CEE came together in Budapest at Property Investment Forum 2016, organised by Portfolio. The biggest and most important event of the Hungarian real estate market was held for the 12th time this year, attracting over 700 visitors and nearly 100 speakers.

As of November 1 2016, Cushman & Wakefield has been appointed to undertake property management and leasing services at Mammut Shopping and Entertainment Centre in Budapest. The over 104 000 sqm, Mammut Shopping and Entertainment Centre,comprising two phases, is the largest shopping centre in Buda, with over 350 units and parking premises. The first phase, Mammut I. was handed over in 1998, the second phase, Mammut II. was delivered in 2001. 

Prologis has signed a new lease agreement for 13,800 square metres and will deliver two new facilities totalling 21,000 square metres at Prologis Park Budapest-Sziget for Waberer’s. The transactions with new customer Waberer’s include 13,800 square metres at DC7A, a 21,500 square metre speculative facility that is now fully let two months after completion and 21,000 square metres at DC7B and DC8 to be developed to the customer’s specifications and scheduled for completion in the second quarter of 2017. 

GLL acquired the multi-purpose heritage building that combines retail-, office- and service functions on 13,750 sqm at Vörösmarty Square in downtown Budapest. The seller of the recently completed UNESCO World Heritage listed premium asset is Hungarian developer Horizon Development.  The property has been added to the portfolio of Bayerische Versorgungskammer and will be managed by Munich-based real estate fund manager group GLL Real Estate Partners.

This more intense activity observed on the Hungarian industrial property market is fuelled by an increased number of leasing and sales transactions that resulted in the net absorption rate outpacing the new supply. From a development perspective the market is experiencing a new turn, as a number of speculative projects were initiated again, which was not the case for many years, as since the economic downturn, developers were almost exclusively focusing on build-to-suit type of projects.

Goodman Group, an owner, developer and manager of industrial real estate, has opened the 22,200 sqm expansion of its Gyál Logistics Centre. One unit is already pre-leased and the remaining two units are available for immediate lease. The total leasable area has nearly doubled to 44,735 sqm.  

Goodman Group, an owner, developer and manager of industrial real estate, has appointed István Kerekes as the Country Manager for Hungary. With vast experience in commercial real estate, István will be responsible for Goodman’s properties in Gyál, Üllő and Kecskemet and will work towards strengthening the Group’s portfolio in Hungary.

Celanese Hungary Ltd. is setting up its new 4,200 sqm headquarters in Promenade Gardens as of April 2018. The decision was made prior to the foundation stone being laid for the new office building on inner Váci út. The regional financial and logistics business service center of the international company found its new home on the 1st and 2nd floors of the modern, 4-tower building (in cores B, C and D).

The foundation stone for the new Magyar Telekom Headquarters has been laid in Budapest on 15 November. The 58,000 sqm office building is expected to be completed in the second half of 2015 and will be leased by Magyar Telekom for at least 15 years. Upon completion it will become the largest single-block office building in Hungary.

Appeninn Nyrt refinanced its Biatorbágy property under significantly more favorable conditions than before. The 5000 sqm property is occupied by the Hungarian subsidiary of Remmers. Appeninn intends to spend the released resources on further property investments and the distribution of dividends.