Immofinanz has signed several lease agreements since the beginning of the calendar year 2016 accounting for approximately 40,000 sqm of its Hungarian portfolio. Of this figure, prolongation of leases accounts for more than 25,500 sqm, and new and expanded contracts sum up at 14,500 sqm.
The sharp rebound of the Hungarian real estate investment market witnessed in H2 2015 has gained further momentum during the first half of this year. According to JLL the transaction volume of the first semester reached more than EUR 910 million, already more than during the full 2015 year, highlighting the increasing weight of capital targeting Hungarian assets.
CTP has recently signed an agreement to purchase two logistics sites with a combined floor space of 66,000 square meters from Raiffeisen Group member DAV Property Kft. The new properties acquired using a loan from Raiffeisen Bank Zrt. have increased the total floor space of CTP’s warehouse facilities in Üllő to 100,000 square meters and that of its total Hungarian industrial property portfolio to 135,000 square meters.
Prologis has signed a new lease agreement for 4,800 square metres with Inter Cars Hungária, the largest passenger and truck parts dealer in Central and Eastern Europe, at its DC7 building now under construction at Prologis Park Budapest-Sziget. CBRE facilitated the transaction.
Diófa Fund Management has announced the purchase of Europark shopping centre in Budapest from Unibail Rodamco. The acquisition is a result of a one year long and constructive cooperation between the parties and was entirely funded by own capital. Due to new investment fund restrictions it is highly possible that this was the first and last shared deal on the market.
Within two months OTP Real Estate Investment Fund has already added the second logistics property to its portfolio. The 35,000 sqm warehouse complex is located in South-Pest, within the Gyál Business Park, near the M5 motorway and several multinational companies. The transaction is part of OTP Real Estate Investment Fund Management’s ongoing portfolio development, therefore further transactions can be expected in 2016.
German asset and investment manager KGAL has purchased the Eiffel Square office building located in Budapest, representing the largest office transaction in Hungary in 2016 and marking the return of core investors in Hungary.
In 2016 commercial real estate investment activity seems to be picking up again in Southeastern Europe after a slightly weaker 2015. Although financing conditions are continuing to improve a lack of high quality product and liquidity still presents a big challenge for all countries of the region. We report from Bucharest where Portfolio Conferences and RICS have organised SEE Property Forum for the second time.
International real estate developer HB Reavis has announced the acquisition of the BEM Palace in Budapest from Europa Property Fund. Located in the heart of Buda, BEM Palace is the company’s third development site purchased in the Hungarian market and their first redevelopment project across all markets.
Horizon Development’s re-conceptualized historic building Váci 1 in Downtown Budapest has fully opened. The 13,750 sqm UNESCO World Heritage listed neo-classicist palace - constructed between 1911 and 1915 - is home to the newest flagship store of H&M.
On 12th October, a new service office will open in the historic Stary Dworzec building in Katowice. The Cluster Stary Dworzec spaces will occupy 2,000 sqm of space.
A supermarket chain Dealz has joined the tenants of Galeria Bemowo in Warsaw. The new tenant occupies a unit of approximately 480 sq m, on the ground floor of the shopping centre.
Polish interior design brand Dekoria has concluded a lease agreement for premises at Homepark Janki near Warsaw. The space occupied by the company is 133 sqm.
Rafał Bochenek has been appointed to the position of Associate Director, Land Acquisition Manager at the Polish branch of Savills. He will work closely with the firm’s industrial agency and investment advisory team to strengthen its Industrial Services Hub, which delivers services to tenants, investors and developers of logistics properties
Robert Skládal joins Cushman & Wakefield as a partner in the retail leasing team and will lead the team focused on shopping centres.
JLL in Prague announces the appointment of Milan Kilik as its new Head of Office Agency for the Czech Republic as of beginning of October 2022.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.