March 06, 2017

Atenor sells Budapest building to Hungarian fund

Atenor sells Budapest building to Hungarian fund

Atenor has announced the sale of the third building of its Váci Greens campus in Budapest to Hungarian real-estate fund OTP Prime Ingatlanbefektetesi Alap. Building B contains 25,300 sqm of office space and 399 basement parking spaces. The structure was completed in March 2016 and is currently 65 percent leased.

Building C of the complex was sold to ZFP Investments, the Czech subsidiary of IAD Investments at the end of last year, whereas Building A was acquired by a group of private Hungarian investors at the beginning of this year. Atenor collected around €141 million for these three sales. Whereas the sale of Building C has contributed to the 2016 results, the sale of Building A and B will have a major cumulated impact on the 2017 results.

Upon completion the Váci Greens campus in Budapest will offer 6 buildings with a total of 120,000 sqm of office space, three of which have been sold to date and a fourth is currently being built. This building (Váci Greens D) will be delivered in January 2018 and is already 30 percent pre-leased by a reputed international group.

Enhanced by the sales made over the last few months, Atenor aims to reinforce its role as major stakeholder in the Hungarian and Romanian markets. A new development of 12,000 sqm (the Dacia project) has been started in the heart of Bucharest's CBD and other projects are currently being studied both in Budapest and in Bucharest.

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