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Articles - Horizon Development

New Business Development Director at Horizon Development

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.

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New Associate Partner Appointed at Horizon Development

The Horizon Development Board is now complete with new associate partner Gabriella Sasvári, who will also continue in her current position as development director.

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Szervita Square Building. Pre-leased by SPACES, Financed by UniCredit Bank Hungary

Year-end of 2018 brought two major developments for Szervita Square Building, a LEED Platinum certified, sustainable multi-purpose commercial and luxury residential property to be handed over in 2020 by Budapest-based Horizon Development.

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Electrolux finds competitive advantage in Promenade Gardens

Market leading professional and household appliances company Electrolux set up its new 1,730 sqm Hungarian headquarters this month in Promenade Gardens, the most technically advanced office building recently completed on the Váci office corridor of Budapest.

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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.

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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.

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Exceptional yields confirm Eiffel Palace’s market value

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.

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Mastercard moves to Váci 1

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.

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