WING has completed the acquisition of the Olympia project from Atenor, adding a property complex of approximately 74,000 sqm to its portfolio on Hungária Boulevard in Budapest. The site comprises an operating office building, a structurally complete building, and additional development plots. WING is preparing to reposition the site for mixed-use purposes, with plans that could include more than 500 apartments alongside existing office space and retail and service functions.
In the first residential phase, WING intends to convert the structurally complete building into more than 200 homes, with the concept focused on smaller-floor-area properties aimed at young people seeking a first independent home. Sales from the first phase are expected to launch next year, with completions possible as early as 2028. Subsequent phases would bring the total number of apartments to over 500.
"The value of a transaction like this does not simply lie in acquiring an existing property or development site, but in the opportunity to rethink a well-situated urban location in line with today's needs," said Tibor Tatár, Head of Residential and Office Developments at WING Hungary. He added that the aim is to create a diverse environment in which homes, workplaces, and everyday services reinforce one another. "This creates value for both Budapest and the district at the same time and can bring a tangible improvement in quality to life in the area," he stated.
As part of its commitments linked to the development, WING will renovate surrounding pavements, create new green spaces and community facilities, and hand over at least 300 sqm free of charge to the local municipality. Residents of the Százados district in Budapest's eighth district had highlighted the lack of community spaces during a public consultation, and the transferred space could be used for a nursery, community centre or medical practice.
The acquisition aligns with WING's strategy of investing in well-located assets capable of delivering stable returns, and follows recent portfolio additions including Capital Square, the Greenway project, and the development site at 39 Váci Road, the future headquarters of KPMG. Legal advisory services for WING were provided by Oppenheim Law Firm, while Atenor was represented by iO Partners and CMS Hungary. Financing for the existing office building was provided by K&H Bank.
