The Hungarian commercial real estate market reached the highest volume since the peak of the market in 2007 with ca. €790 million transacted in 2015. Almost 60% of the annual volume was generated by portfolio transactions, which clearly reflects the increasing interest of investors for large platforms in an attempt to gain significant exposure to the market.
Investment into Central and Eastern European (CEE) countries (excluding Russia) for 2015 reached a historic high level at over €9.6 billion, representing a 20% increase year on year. Czech Republic and Poland put in a particularly strong performance, recording investment volumes of EUR 2.7 billion and EUR4 billion respectively.
A new star has appeared recently and is rising on the office market in the downtown theatre district of Budapest. Podium Office building was vacated one and a half years ago, and has since undergone a complete renovation. The building is owned and operated by an Austrian investor, S IMMO AG and its Hungarian subsidiary, while marketing and the exclusive leasing consultancy is done by Colliers International Hungary. So is another office building in S IMMO’s portfolio: Blue Cube which received a BREEAM In-Use Very Good classification in the Asset and Building management categories.
TPG Real Estate, the real estate arm of global private investment firm TPG has closed its acquisition of TriGranit, one of the main fully integrated, real estate platforms in Central Europe. As part of the transaction, TPG acquired the platform along with a portfolio of office and retail assets located in Poland (Bonarka Shopping Centre, B4B), Hungary (Millennium City Centre Offices) and Slovakia (Lakeside Park office building, Metropolis – 47,5 ha land near Bratislava) with additional development sites in the same countries and Croatia.
Worldwide sales of luxury goods continue to increase according to the latest report by global property advisor CBRE, Luxury Retail 2015. 70%* of all Chinese-led luxury purchases are now transacted overseas, resulting in sales increases in Western Europe of 13.4%, Eastern Europe 18%, Africa 26% and 5% in North America over the last two years.
Csaba Széll, Managing Director of CE LAND Asset Management Ltd, clearly likes challenges: he set up a business in the middle of the crisis to succeed in providing a service more or less unknown in Hungary. He probably made the right decision given that he started on his own in January 2011 and now his company employs eight people.
We met Mr. Hubert Abt managing partner of Property Systems at the handover ceremony of their new Business Center, located at Terrapark, Budaörs. It’s a different product - he says, when we ask him to compare this to competitors, but even to his own R70 or Anker business centers.
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