Heritage protected Eiffel Palace – originally constructed in 1893 – was sold twice within the last three years, both times at the best yield in the Hungarian property market. The National Bank of Hungary (MNB) purchased the building directly from the developer (Horizon Development) three years ago in August 2014 at a price of €45.3M, with an approximate yield of 6.5%, and resold it in August 2017 to Luxembourg-based Corpus Sireo Real Estate investment fund for €53.8M, at a yield around 5%, generating an almost 20% profit on the deal.
The multiple award winning, restored heritage building is home to the Hungarian headquarters of Mastercard as of January 2017. The market leader global financial service provider created its new office on 470 sqm, on the 3rd floor of the premium downtown property.
GLL acquired the multipurpose heritage building that combines retail-, office- and service functions on 13,750 sqm at Vörösmarty Square, the most prominent downtown location of Budapest. The Seller of the recently completed UNESCO World Heritage listed premium asset is the Hungarian development company behind the building’s complete rejuvenation and successful leasing: Horizon Development.
The London Marriott Hotel Grosvenor Square was home to the European Property Awards Gala Dinner held last Thursday, attracting over 500 guests from across Europe. Váci 1 and Eiffel Palace, Horizon Development’s two redeveloped heritage buildings – both designed and built by DVM group – scooped up three amazing awards at the event.
At Greenbuild Euromed in Verona last Thursday, the World Green Building Council (WorldGBC) announced the winners of the Europe Leadership in Green Building Awards 2015. Eiffel Palace, a unique office building in the heart of Budapest with a LEED Gold and BREEAM Very Good certificate took the award for Leadership in Building Design and Performance.
The official results of the European stage of the International Property Awards 2015-2016 were announced at the Grosvenor House Hotel in Park Lane, London, on 22 September. Horizon Development is the national winner from Hungary, and competed against top developers from across the continent.
The elegant and sustainable prestige office building in CBD Budapest proved to be the best in two categories at the Office of the Year 2014 Competition.
Horizon Development managing partners Attila Kovács and Balázs Czár were called on stage multiple times last week at the 5th Office of the Year Awards Ceremony.
The prestigious downtown office building, Eiffel Palace, received triple recognition last week at the FIABCI Hungary Prix d’Excellence Awards Ceremony. The competition and the event were both held by the Hungarian FIABCI Chapter and the Hungarian Real Estate Association, and endorsed by Mr. Zsolt Füleky Deputy Secretary of State for Architecture.
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