ARTICLES LABELLED WITH TAG Hungary

Immofinanz plans major upgrades at its myhive Haller Gardens office building in Budapest, including new services for the tenants. The owner expects demand to increase for more flexible workspace solutions and plans to alter leasing conditions accordingly.

Belgian developer Atenor has received an occupancy permit for Building A of its Aréna Business Campus complex, located on Budapest’s Hungária Boulevard.

In order to expand its investment portfolio and implement its growth strategy, Hungarian investor-developer Wing has raised €156 million (HUF 54.7 billion) within the framework of the Central Bank of Hungary’s Funding for Growth Scheme. Corporate bonds subscribed by the central bank and other institutional investors have a maturity of 10 years and a yield of 3.56 percent.

Facility management company B+N Referencia Zrt. will move into the Agora Budapest office complex, developed by HB Reavis, this autumn.

The National Federation of Hungarian Building Contractors (ÉVOSZ) expects orders that were never placed in the last two months will be arriving in mid-June. 

The structure of OTP Bank's new office building in Budapest has been completed by developer Market Építő Zrt. The seven-story office building, which is being built in the 13th district, in the immediate vicinity of OTP Bank's existing office park, will be home to 3,000 employees once construction is complete in end-2021.

BDPST Zrt.’s holding in asset management firm Appennin has dipped below 5 percent as investment funds managed by the Indotek Group and the OTP Group purchased a significant stake in the company. During the over-the-counter transaction, Indotek Group acquired a 24 per cent stake from BDPST Zrt.

As the first coronavirus cases were registered in Hungary at the beginning of March, the effect of the epidemic on first-quarter figures might have been smaller. The epidemic may affect the construction industry in two ways. Projects that have already started may stop or may continue at a slower pace and it may hold back the value of projects entering construction phase.  Results show that there was a massive decline in the value of completed projects already in Q1 2020. The value of the Activity Completion Indicator of the EBI Construction Activity Report in the domestic construction industry decreased by 29% due to the epidemic, and several hundred projects were delayed.

A well-known automotive company will soon start operating in a 6,000 sqm modern factory building located on a nearly 5-hectare industrial plot in the catchment area of ​​Budapest.

As of May 1, 2020, Dr. Mihály Schrancz, former Development Director of Property Market Ingatlanfejlesztő Kft. has been appointed Managing Director of the company. The company's Financing and Investment Director, Dr. Bence Nádasdy, will hold the position of Managing Director at Property Market’s asset management company, Kopaszi Gát Kft.