Raiffeisen has financed the latest, 25,000 sqm GLA built-to-suite office development from real estate developer, Futureal. The fourth office building of Futureal’s flagship, full-service, 500,000 sqm Corvin Promenade mixed-use city quarter will accommodate the offices and R&D centre of Nokia Networks, the Finnish IT and Telecommunication giant.
Gábor Futó, founder and owner of Futureal, commented on the transaction: “After the successful financing of KPMG headquarters on the Váci út corridor, our choice has once again been to work with Raiffeisen Bank. Raiffeisen appreciates the strengths of the project, the attractiveness of Corvin Promenade, the safety of the revenue provided by Nokia Networks and the experience and reputation of Futureal. Futureal is one of the very few developers in Europe that can proudly say that we have always fulfilled all our promises, even in the deepest crises, to our banking partners, joint venture partners, tenants, customers and subcontractors. This reputation has paid off: as the real estate market has begun to revive, we have enjoyed the confidence of banks and tenants alike that are choosing us for the development of their built-to-suit headquarter projects. Our Corvin Promenade urban regeneration project, with its excellent central location and full range of services has once again proved itself as the ideal project to help companies attract and retain the best minds.”
Ferenc Kementzey, deputy CEO of Raiffeisen Bank, said: “Raiffeisen intends to remain a dominant player on the Hungarian banking sector, and finance only the best real estate projects. An important part of our success is that our project financing unit decides professionally and carefully on lending issues. Futureal has a reliable banking partner behind its operations, while for the bank, it was important to have a partnership with one of the largest developers in the region.”
The project started in January 2015 and its completion is expected in the last quarter of 2016.