News, analysis and lease transactions from the Hungarian office market
The transaction, one of the largest office deal investments in CEE this year was signed in May and closed in early June. Even if several investment transactions were derailed by the Q2 lock-down in Hungary, the transaction progressed in line with the original time frame.
The fifth, 25,053 m2 ‘F’ building of the A+ category Váci Greens office complex, already having a 67% occupancy rate, has received the occupancy permit as well. The first tenants are going to move in in June.
IMMOFINANZ started the first quarter of the 2020 financial year with strong operational performance: Rental income rose by 13.4% to EUR 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as growth of 1.9% in like-for-like rental income.
JLL closed a successful tenant representation transaction on behalf of the chocolate manufacturer Lindt&Sprüngli, this time choosing Arena Mall as its third store location.
Major upgrades are coming soon to the myhive Haller Gardens office building including new services for the tenants. The goal of IMMOFINANZ’s developments planned for 2020 is to raise the standards of modern work to a higher level.
Residential tops the sectors in one deal cross the CEE region but, offices (27% share) have maintained their place in the order of preference, closely followed by Industrial and Logistics (26% share) in Q1 2020.
IMMOFINANZ is looking back on a very successful 2019 financial year: The clear improvement of 18.1% in rental income and 30.2% in FFO 1 from the standing investment business underscore the profitable growth of the portfolio to approximately EUR 5.1 billion.
Colliers International’ latest report “COVID-19 European Real Estate Markets Government Response” presents information on how the national governments across EMEA are supporting businesses with specific reference to commercial and residential rent/mortgage payments, business loans and grants, taxation allowances and business rates and household/individuals salaries.
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