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Articles tagged Erste Real Estate Fund

ERSTE Real Estate Fund Acquires Promenade Gardens

Promenade Gardens – the most technically advanced office building recently completed on the Váci corridor – changed owners on 1 August 2018, when ERSTE Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development. The new, sought-after, dual certified sustainable asset of 25.000 sqm has already been chosen by a prestigious line of international tenants such as Celanese and Citibank, with more signed deals to be revealed soon.

Celanese and Citibank choose Promenade Gardens office building owned by Erste Real Estate Fund

Anchor tenant Celanese was the first to move into just completed Promenade Gardens office building last week, now occupying their new 4,200 sqm headquarters. They will soon be followed by Citibank Europe, as the Hungarian Branch Office of the global bank is setting up its new 8,000 sqm Budapest office from 1 December in the A+ category property owned by Erste Open-Ended Real Estate Fund and developed by Horizon Development.

Erste Ingatlan Alap acquires Market Central Ferihegy

Market Central Ferihegy, one of the largest retail parks in Hungary, and adjacent office complex Quadrum have been acquired by Erste Ingatlan Alap. According to Erste Asset Management, growth of the economy and expansion of the retail market in Hungary may facilitate higher rent, representing favourable outlooks for future returns of real estate funds.

Skanska sells Nordic Light to Erste Funds

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.

The Real Estate Market is on a Roll: Erste Open-ended Real Estate Investment Fund Buys Futureal’s Office Building on Váci út Office Corridor

Budapest, March 26th, 2015 - After KPMG, Teva Hungary Zrt., Provident Financial Zrt., and Costa Coffee have all chosen the iconic Vision Towers office building. Having in a first stage purchased the Northern Tower of the building complex developed by Futureal on 23 500 square meters, Erste Real Estate Fund went on to buy the Southern Tower as well.