ARTICLES LABELLED WITH TAG Hungary

Berlin-based property developer firm Bauwert AG is entering a strategic partnership with Hungary’s Wing Group, as well as international investment & asset manager Griffin Capital Partners. For this purpose, the three companies signed an agreement under which Wing and Griffin will together acquire 60% of Bauwert’s shares. The remaining 40% will be kept in the ownership of the existing shareholders. Wing Group will have a controlling interest in the company.

Hungarian developer Wing launched its umbrella brand Living 5 years ago. Nine residential development were started, and over 1,200 apartments have been sold so far. The company also has several other developments in the pipeline.

The first Stop Shop retail park was opened in Budapest in 2002, followed by several shopping centres in the capital and the countryside. Today the portfolio has expanded to 14 locations nationwide offering 137,000 sqm retail space. 

As we are seeing a slowing down of new office projects across Budapest and the region, occupancy has emerged as ‘king’, while energy efficiency has become the number one priority for both landlords and tenants. Property Forum asked Jake Lodge, Principal at Avison Young in Hungary about his view on the major changes in the local office market and the way landlords and tenants try to overcome mounting difficulties.

Forest Center (formerly Forest Offices) will be taken over by the University of Debrecen at the end of January 2023. The property was opened in 2019 and acquired by Central European developer and investor GTC in 2021. No details were disclosed about the size of the latest transaction. 

Hungary's BDPST Group is set to acquire Hotel Gellért in Budapest, located in the same building as one of the city's most famous spas, from Indotek Group. The price of the transaction was not disclosed. Indotek obtained the hotel in 2019, buying the property from Danubius Hotels Group, portfolio.hu reports.

Mol Campus, Hungarian oil company Mol's new headquarters, located within the BudaPart mixed-use project and built by Market Építő Zrt., is the highest office building in the country reaching 143 meters and offering 86,000 sqm of office and retail space. 

Mihály Schrancz, the CEO of Hungarian real estate development company Property Market has stepped down. The move was unexpected and no new leader has been announced yet.

The existing two buildings of Centerpoint, owned by GTC and located in the heart of the largest office district in Budapest, are set to undergo a massive technical refurbishment which is to be completed next year. 

The first tenant has already moved into the downtown office building recently modernised by Defactoring Zrt. Located in District 9, the office building has been equipped with solar panels and smart devices.