July 30, 2014

Skanska sells Green House in Budapest

Skanska sells Green House in Budapest

Skanska Property Hungary has sold its internationally awarded Green House office project. The new owner of the green office building is the Hungarian open-ended property fund Torony Real Estate Investment Fund managed by Diófa Fund Management, a member of FHB Group.

Green House is Skanska’s sixth office investment in the capital city of Hungary. The 7-storey building, situated in the central 13th district of Budapest, offers 17,800 sqm of leasable office space and was completed in December 2012. Currently, 98 percent of the building is leased to well-established international tenants such as Avis Budget Group, MSCI and ABB among others.

“The transaction proves that investors have a great trust in Skanska and increasing interest in the Budapest market. We believe that our next project will perform equally successfully both among tenants and investors,” said Zoltán Linczmayer, Managing Director of Skanska Property Hungary said.

“There was a big interest in this A Class office building from both, the international and Hungarian real estate community. We are very pleased with the fact that the project was sold to the Hungarian institution Torony Real Estate Investment Fund,” added Adrian Karczewicz, Transaction Director of Skanska CDE.

The FIABCI World Prix d’Excellence Awards 2014 World Gold Winner and CEE Green Building awarded Green House is the only LEED Platinum certified office building in Hungary.

“We are glad to realize the transaction with Skanska, who proved to be a helpful, professional and prudent partner during the preparation and the arrangement of the deal. Also, Erste Bank, the financial partner in the acquisition, provided great help to ensure the fluency of the transaction,” said Gergely Biró, Chief Executive Officer of Diofa Asset Management.

The location, the efficient green operation and Skanska’s tenant-focused vision of an ideal workplace all had a share in the leasing success and the fast divestment of the project.

“We are happy to complete the first real estate acquisition of Torony Real Estate Fund’s portfolio, with a building that is currently one of the greatest office buildings of Budapest. We are especially pleased, that as a relatively new market-participant, we could realize such a significant deal in a rather challenging market environment,” Márton Oláh, Chairman of The Board of Diófa Asset Management said.

In the transaction Colliers International acted as the exclusive selling agent of Skanska Property Hungary, while legal advisors were Jalsovszky for the buyer and Dentons for the seller.

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