Panattoni Hungary has officially opened its first logistics centre near Budapest. Panattoni City Dock Törökbálint offers 17,000 sqm of modern industrial space in four buildings. The value of the investment has not been disclosed.
The Hungarian branch of the global developer Panattoni is going to build a 64,000 sqm logistics complex near the Budapest Liszt Ferenc International Airport at the junction of the M0/M5 motorways. The facility, planned to be delivered in two phases is scheduled to open next year.
The new five-star Minaro Hotel MGallery offers 100 rooms in the world-famous wine region of Tokaj. This is Accor's first luxury hotel in Hungary outside Budapest.
Marriott International has signed an agreement with Forestay Group to debut the Moxy Hotels brand in Budapest. Construction is predicted to begin this autumn, with the opening expected in 2025.
The commercial real estate market was generally characterised by favourable trends in H1 2022, but in the latter half of the year, risks associated with the business cycle increased in Hungary. Vacancy rates have increased since and are expected to go up for the rest of this year, the Hungarian Central Bank (MNB) reports.
Like many CEE investors, Futureal has adopted a wait-and-see policy, but when prices dive further, they are ready to step in if a suitable asset is seen on the horizon. Property Forum asked Gábor Futó, Co-Founder and Co-Owner of the Group about the company's future projects and investment drives in CEE.
CA Immo has successfully signed and closed the sale of the Vizivaros Office Center in Budapest. The building is located in the Central Buda office submarket in the western part of Budapest, comprises around 14,200 sqm of total lettable space and was 96% let with annualized gross rental income of around €2.5 million as of 31 December 2022. The buyer is the FLE SICAV FIS real estate fund managed by FLE GmbH.
The first phase of Futureal’s Corvin Innovation Campus was built as the extension of Corvin Promenade and is home to IBM Hungary's new head office. The global technology company has already moved into the building equipped with almost completely contactless solutions.
The office vacancy rate increased to 12.2%, representing a 0.9 pps increase quarter-on-quarter and a 2.4 pps increase year-on-year. Total demand reached 76,660 sqm, which is 24% lower than the value registered in the previous quarter, Budapest Research Forum reports.
In Q1 2023, the Greater Budapest speculative stock increased by five buildings, totalling 111,330 sqm, while in regional Hungary, four new buildings were handed over, totalling 45,835 sqm. As a result, the vacancy rate has risen sharply from 3.8 to 5.9%, Budapest Research Forum (BRF) reports.
The Polish office of the international legal network Eversheds Sutherland will occupy the 18th and partly the 17th floor of the Widok Towers office building in the centre of Warsaw. It will take an area of over 1,400 sqm in the building, owned by Commerz Real fund.
The office space in Warsaw's PZO Factory (owned by White Star Real Estate) has been fully leased. The tenant of approximately 380 sqm on the ground floor of the PZO II building has become the medical company Affidea.
Cuponation GmbH will lease more than 200 sqm in the LIFE Building (formerly Atrium Tower) in Warsaw, which is owned by Austrian company VIG Fund (a part of Vienna Insurance Group). JLL is responsible for the commercialization process of the building. Tenant was represented by CBRE.
New appointments
DLA Piper’s Prague office has appointed a Corporate partner with a focus on technology Tomáš Ščerba, Real Estate partner Michal Hink and Banking, Finance and Restructuring counsel Leo Javorek.
Following Magdalena Sekuła's resignation from the Supervisory Board of LPP, and the reduction of the number of Supervisory Board members below the statutory minimum, the Supervisory Board appointed Jagoda Piechocka as a Supervisory Board member.
Florin Suicescu has been named COO of Forty Management. With over 30 years of management experience, he has held senior positions in real estate and hotel developments.
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