ARTICLES LABELLED WITH TAG Hungary

Managing retail assets was never an easy job. As the energy crisis is no longer a future problem and the recession seems inevitable, firms involved face huge challenges and have to rethink their strategy and short-term steps to survive. Property Forum asked Miklós Gyertyánfy, Chief Operating Officer at Hungary-based landlord Gránit Pólus Management Zrt. about their way to tackle those challenges.

The owner and asset management company placed 437 solar panels on top of the Blue Cube office building to decrease CO2 emissions by 120 thousand kilogrammes a year.

Hungarian developer and investor Infogroup has bought a 50% share in the ibis Styles Budapest Citywest Hotel.

Groundworks have started at this new business park in the southern part of the Hungarian capital. The first phase is scheduled to be open in June 2023. 

The recently finished Hall 'I' at Airport City Business Park, located at Liszt Ferenc Airport offers a total leasable area of 6,000 sqm and is fully occupied.

As part of its value-creating growth strategy with a focus on high-return properties, Immofinanz is acquiring 53 retail properties in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group (CPIPG). The acquired portfolio has roughly 217,000 sqm of rentable space and is fully let with an occupancy rate of 99%. The purchase price totals €324.2 million. The purchase contract was signed today, together with the closing for 36 retail properties in the Czech Republic and Poland which have 108,000 sqm of rentable space. The purchase price of €191 million for those properties was financed from existing funds. The closing for the remaining 17 properties in Hungary and Slovakia is expected to take place by the end of this year.

The occupancy rate of the portfolio comprised of 12 retail parks has reached 97% in Park Centers Hungary, Revetas Capital announced today. 

Major international fashion and beauty brands will be coming to the shopping centre this autumn. The centre has been refurbished and developed by Hungarian company Wing.

A 1,500 sqm mixed-use real estate development is underway in the Sóskúti Ipark Park, located next to the M7 motorway in the Budapest area. 

The construction of Park West 3 will start in the second half of 2022. It comprises 230 apartments in the renewed Ferdinánd quarter of the 13th District, and is scheduled for delivery in the first quarter of 2025.