ARTICLES LABELLED WITH TAG Hungary

The impacts of COVID-19 have been felt far and wide across industries, and especially so for the travel and tourism industry. Cushman & Wakefield has published its Q3 Budapest Hospitality Marketbeat report.  

VGP has handed over a building in its VGP Park Kecskemét to the Swiss technology company Flisom AG. VGP Park Kecskemét is being built on a site of approx. 86,000 sqm which will represent a total rentable area of about 40,000 sqm.

Resolution Property has completed the acquisition of a ca. 37,200 sqm office portfolio in Budapest, Hungary. The portfolio is comprised of two fully let, recently refurbished, Class A office buildings, Margit Palace and Buda Square, acquired from CEE-focused Hungarian fund manager Adventum Ltd.

A German rating agency Scope Ratings has assigned a first-time issuer rating of BBB-/Stable to Globe Trade Centre S.A. and its subsidiary GTC Real Estate Development Hungary Zrt. GTC Group also announces green bonds issuance within the framework of the Bond Funding for Growth Scheme launched by the National Bank of Hungary. The senior unsecured debt rating is BBB-. The outlook on the ratings is stable.

Hungary’s rental property market had an uneven month as prices were on average 5% lower than a year earlier according to the joint Rent Index of the Central Statistical Office (KSH) and real estate portal ingatlan.com. Rents were down 0.7% compared to August in Budapest in September, the last month of the season, while prices in other regions in Hungary remained level.

GTC has sold Spiral, a Class A office building located in Budapest, Hungary. The sale will generate €41 million of free cash.

In previous quarters the analysts of the EBI Construction Activity Report broadly discussed the negative effects of the pandemic on Hungary’s construction industry. The latest figures also suggest that there is still no improvement in the sector after a weak first half of the year.

While in Poland over 20% of investors are favouring projects that have high ESG-related ratings (which is fourth highest figure globally), Hungary and the Czech Republic are the two countries with the highest share (over 40%) of respondents saying that ESG considerations play no role when they evaluate projects, according to the latest results of the RICS Global Commercial Property Monitor.

A Hungarian real estate fund, advised by VLK Cresa, has acquired the Target Center retail park in Kecskemét, Southern Hungary. The name of the seller and buyer or the purchase price has not been disclosed.

HelloParks, Futureal Group’s recently established industrial and logistics property development and investment company, has acquired its first development plot in Fót, next to the junction of motorways M0 and M3. The 76 ha greenfield investment will house energy-efficient buildings that meet the BREEAM sustainability standard, with the first facility to be completed next year.