The CEO of TriGranit is still optimistic for 2017 on the Budapest property market, but he expects some kind of correction in the coming years. The question is: will this correction take place in the form of a market stabilisation or will it bring on a significant downturn? Árpád Török talked to Property Forum about TriGranit’s plans for new developments and acquisitions.

TriGranit announced organisational changes in several fields of its operation. It has among other a new Chief Construction & Development Officer, a new Chief Financial Officer, a new Development Director and a new Head of Acquisitions. 

TriGranit is to start the construction of Building H with an area of 10,000 sqm at the Bonarka for Business (B4B) complex in Kraków. This will be the eighth office building at B4B, one of the most popular office complexes in Kraków. At the same time, Bonarka for Business launches its new Tenant Relationship Program to serve the needs of their tenants on a higher level. 

Building G, the 7th element of the Bonarka for Business (B4B) office complex in Kraków, has been just handed over. The 100% built-to-suit, eight-storey Class A office building has 10,000 of sqm GLA and will host Euroclear, a Belgium-based financial services company. Having closed 8,000 sqm of lease renewals and new leases in the last months, TriGranit plans the delivery of further 3 office buildings in B4B in the near future. 

TriGranit, celebrating its 20th anniversary in business in 2017, will this year launch its newest development in Budapest, the Millennium Gardens office building that will provide 37,000 sqm GLA for future tenants from H2 2019 on the banks of the Danube, next to MÜPA and the prospective Congress Centre. In 2017, the company also plans to start the development of Building H, the eighth building in its office complex in Krakow, Bonarka for Business (B4B), providing 10,000 sqm GLA, and plans to start the second phase of Lakeside Park in Slovakia with 13,000 sqm GLA. 

TriGranit announced the appointment of Tamás Páldi, M.D. as Human Resources Director and Mr. Mariusz Domeracki as Finance Director for Poland. 

TriGranit appointed the Hungarian office of CBRE with the exclusive leasing of its latest development in Budapest. The Millennium Gardens office building is being constructed alongside the Palace of Arts and the National Theatre, on the Danube side of Soroksári Road. It will offer 37,000 sqm of leasable space and it is expected to be completed by 2019. 

Looking at what is going on in world politics, TriGranit’s CEO finds it difficult to comprehend why many still stress the political risk factor when talking about the Central European real estate market. He’s optimistic about the future and expects further diminishing returns on investment, along with new investors appearing in Budapest. Árpád Török talked to us about plans for developing TriGranit and the future of the real estate market.

TriGranit has completed the sale of two assets. Millennium Towers, an office complex in Budapest, has been sold to CA Immo for €175 million and Bonarka City Center, a shopping mall in Krakow has been purchased by Rockcastle. The developer will remain the property manager of both assets.

TriGranit has completed the sale of Bonarka City Center (BCC) in Krakow to Rockcastle, a property company specializing in retail centres in Central and Eastern Europe. TriGranit, which is owned by TPG Real Estate and was the developer of the shopping centre, will remain the property manager for two years. In addition to managing BCC, TriGranit will remain active in Krakow and is currently developing three office buildings in the ‘Bonarka for Business’ (B4B) area.