News Article Budapest CBRE development financing Horizon Hungary mixed-use office
by Property Forum | Office

Hungary’s Horizon Development has been granted a development loan by UniCredit for its ongoing Szervita Square mixed-use development in the centre of Budapest. At the same time, the developer has pre-leased all four office floors (8,500 sqm) of the project to coworking space provider Spaces.

The seven-story project will comprise a total area of 14,900 sqm. In addition to the offices of Spaces, it will include retail space and luxury apartments. The development, which is owned by The SZ 8 Real Estate Fund, is already LEED ‘Platinum’ certified.
“We are glad to have reached a final agreement with UniCredit Bank Hungary for the financing of our ongoing development, the Szervita Square Building. This project will be the crown jewel of our portfolio, and we have absolute trust in its commercial viability and its ultimate financial success. With all four office floors already dedicated to our exclusive tenant, Spaces as well as with the current high demand we are seeing for the retail and luxury residential units in the property, we have no doubt that the final numbers will meet our ambitions for the development and justify UniCredit Bank Hungary’s decision to place its trust in the project. To give a status update on the progress: the structural work us expected to be completed in Q1 2020, and we aiming at completing the entire fit-out by Q4 2020,” says Attila Kovács MRICS, the Managing Partner of Horizon Development.
CBRE Hungary’s office team represented the International Workplace Group in the leasing transaction. This will be the first location of coworking space provider Spaces in Hungary.