Erste Real Estate Kft., a fully owned subsidiary of Erste Bank Hungary Zrt., has signed an agreement to sell the property to Belgium’s Weerts, a property developer also active in car racing.

Weerts bought a 30-hectare plot of land near Ecser, adjacent to the M0 motorway ring, where it will build 120,000 sqm of warehouse space in an ongoing logistics development project.

Weerts currently has 250,000 sqm in development in Belgium, Germany and Hungary, with another 300,000 in the preparation phase. In Hungary, the company is currently expanding its local base in the Nagytarcsa industrial park, a 46,000 sqm project scheduled for completion in early 2021. This has now been supplemented by the Ecser property purchased form Erste, where Weerts will build a 120,000 sqm logistics base.

This has been Erste Real Estate’s second major transaction in Ecser after it sold a 57-hectare plot in April to furniture retail chain JYSK, which will build its new Hungarian logistics base there. Erste still owns nearly 88 hectares of land in the area.

“Despite the pandemic, the Hungarian logistics market is booming, and the rise of e-commerce may generate further demand for warehouse space,” according to Péter Takács, partner at VLK Cresa, which acted as advisor in the deal.