Futureal sells Corvin Skypark in Budapest to OTP fund
Futureal Group sold its Skypark office building to the OTP Prime Property Investment Fund. The recently closed transaction increased the value of the fund’s property portfolio to over HUF40 billion. The complex, with 25,000 square meters of GLA, is located at the Corvin Promenade mixed use project in the center of Budapest and was designed to meet the needs of technology and R&D companies.
The construction of Skypark was finished by the end of 2016. Its 25,171 sqm of GLA is complemented by 226 sqm of storage space and a 460-car parking garage. The building is the first element of the eastern closing block of Corvin Promenade, its development started in 2015. Skypark was designed by the internationally recognised studio Zoboki-Demeter and Associates Architects. The ground floor houses restaurants, cafés and a kindergarten, the building also includes a 2-storey lobby and a conference centre on the first floor. The office complex is entirely occupied by one tenant. The Class A+ Skypark achieved BREEAM Very Good certification.
In January 2017 OTP Real Estate Investment Fund Management Ltd. has launched the OTP PRIME Property Investment Fund, which aims to invest in Class A and A+ properties. The first acquisition of the new fund was the recent purchase of the Váci Greens “B” office building.
The acquisition of Skypark was one of the largest office market transactions over the last 12 months in Budapest.