ARTICLES LABELLED WITH TAG Hungary

The biggest company in Hungary got rid of its outdated office complex for HUF 6.3 billion in November last year, investigative news site K-Monitor reports. 

This is the first shopping centre in Hungary to be given such an award in the construction phase. The property, developed by the Hungarian company Futureal was opened in late 2021. 

Verno House Budapest, Vignette Collection, is set to open in the summer of 2023 under a franchise agreement and voco Budapest is to open in late 2023 under a management agreement, europe-re.com reports

December was the weakest month in 2022 in terms of sales and loans taken out to buy homes, local brokerage firm Duna House (DH) reports.

Some players in the Hungarian commercial property sector have made significant steps to transform the industry, but the majority have failed to do so. Property Forum asked Zsombor Barta, President of the Hungary Green Building Council (HuGBC) about the way the entire industry should act to reach net zero as adopted by the European Union.

Berlin-based property developer firm Bauwert AG is entering a strategic partnership with Hungary’s Wing Group, as well as international investment & asset manager Griffin Capital Partners. For this purpose, the three companies signed an agreement under which Wing and Griffin will together acquire 60% of Bauwert’s shares. The remaining 40% will be kept in the ownership of the existing shareholders. Wing Group will have a controlling interest in the company.

Hungarian developer Wing launched its umbrella brand Living 5 years ago. Nine residential development were started, and over 1,200 apartments have been sold so far. The company also has several other developments in the pipeline.

The first Stop Shop retail park was opened in Budapest in 2002, followed by several shopping centres in the capital and the countryside. Today the portfolio has expanded to 14 locations nationwide offering 137,000 sqm retail space. 

As we are seeing a slowing down of new office projects across Budapest and the region, occupancy has emerged as ‘king’, while energy efficiency has become the number one priority for both landlords and tenants. Property Forum asked Jake Lodge, Principal at Avison Young in Hungary about his view on the major changes in the local office market and the way landlords and tenants try to overcome mounting difficulties.

Forest Center (formerly Forest Offices) will be taken over by the University of Debrecen at the end of January 2023. The property was opened in 2019 and acquired by Central European developer and investor GTC in 2021. No details were disclosed about the size of the latest transaction.