News, analysis and lease transactions from the Hungarian office market
An international service provider will rent approx. 4,000 sq m office space with additional expansion areas in the newest, Building “F” at Váci Greens office park. With the arrival of the new tenant in June 2020, the occupancy rate of the building will be around 50%.
Colliers is pleased to announce that it has appointed Melinda Kovacs as new Head of Landlord Office Agency for Hungary in Budapest.
Horizon Development Ltd. is taking over the property management, redevelopment, leasing and marketing tasks of Park Atrium office building as of 1 June 2019.
Rental income improved by 10.5% (including the effects from the initial application of IFRS 16), respectively by 4.1% (excluding IFRS 16 effects) to EUR 65.2 million. Results of operations rose by 3.7% to EUR 36.8 million and sustainable FFO 1 (before tax) from the standing investment business climbed 35.0% to EUR 28.1 million. Net profit also increased significantly year-on-year to EUR 30.4 million in the reporting period (Q1 2018: EUR 1.0 million).
S IMMO started 2019 with large-scale transactions in the Budapest property market. Through purchasing a nearly 9,000 sqm plot, the company is preparing the development of a new office complex, while its existing buildings are still close to full occupancy.
The popular office park of South Buda office market is expanding, the construction works of Office Garden IV has started. After the success of the first three phases GRT Group, the developer has decided on starting the construction works of phase 4. The office building is exclusively represented by Robertson Hungary as in the previous phases. Office Garden IV is scheduled to be completed in Q2 2021.
Horizon Development, the premium Hungarian real estate developer, announced the appointment of Tamás Ádány – former CEO of OTP Real Estate Plc. – to the newly created position of business development director.
Hungary’s property market leader, WING, has purchased the Liget Center Office Building located next the City Park (Városliget) in Budapest. The property consists of a 7,000 sqm office building and a nearly 3,800 sqm auditorium. WING intends to upgrade the building’s services, implementing value-added features and finding a new function for its auditorium, which is currently vacant.
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