Skanska has sold Nordic Light, an office complex in Budapest, Hungary. The property has been acquired by Erste Alapkezelő Zrt, a subsidiary of Erste Asset Management GmbH. Nordic Light is the seventh office project developed by Skanska in Budapest during the 29 years the company has operated in Hungary.
Prime office yields in Berlin are currently very low at 3.85% , although products in major German cities such as Frankfurt are still providing higher returns than those located in London or Paris. At the same time Romania and Hungary are seeing new capital flowing into their respective commercial real estate markets. This is a consequence of a significant yield spread between Western and Eastern Europe, where prime office yields, for example in Bucharest, are currently at 7.5%.
Jaguar Land Rover invests $1.6bn in Slovakia, the world's first Hyperloop railway will connect Bratislava and Vienna in 20 minutes, Poland and the Czech Republic sign strategic deals with China, Germany's most important trading partner is the V4 group, and nine Romanian cities are among the top 15 cities with the highest Internet download speed in the world. If these facts surprise you then it is high time to catch up with the latest facts and explore the economic and investment potential of the region in the latest CEE Investment Report 2016: Mission to Outperform, compiled by Skanska, JLL, Dentons, in cooperation with ABSL.
Skanska continues its winning streak at the most important events of the commercial real estate market. During this year’s CEEQA Awards ceremony, Skanska Commercial Development Europe won the highest number of awards among all developers – the company was recognized with four awards in key categories.
2015 marked another strong annual performance by Skanska Commercial Development Europe. The company signed final sale agreements for eleven office buildings located in three Central and Eastern European (CEE) countries, achieving a total transaction volume of nearly 500 mln EUR for the year. Skanska is now compiling its sales portfolio for 2016 and continues to purchase land for new development projects.
Following 1st January 2016, Marcin Łapiński, currently Managing Director at Skanska Property Romania, will take the corresponding position at Skanska Property Hungary. Furthermore, Zoltán Linczmayer and Aurelia Luca will be nominated for the newly established roles of Country Directors in the company’s both Hungarian and Romanian units respectively.
Skanska has sold Building B of the Green Court Bucharest office complex. The property has been acquired by investment company Globalworth Real Estate Investments, which already owns Building A. The Green Court Bucharest scheme is Skanska’s first office development in Romania.
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