ARTICLES LABELLED WITH TAG WING

Offices might become hotels, hotels can be converted into apartment buildings and warehouses may serve as retail centres. But location, revenue-generating capacity and environmental considerations are the most important factors in converting successfully an existing commercial property, say experts of Hungarian developer Wing. Ernő Takács, Deputy CEO, responsible for hotels and retail at Wing and Chairman of the Association of Hungarian Property Developers and Gábor Angel, Deputy CEO, responsible for offices at Wing, talked to Property Forum about the challenges of changing the use of a property.

The mixed-use property development Liberty by Hungarian developer Wing has reached a major milestone. The office area in the south wing has received its use permit, and the first tenants have already moved in. At the same time, a sports store is now open on the ground floor.

Halls A1 and B1, completed in the first phase of Wing’s East Gate Pro Business Park development, located near Budapest, have received a BREEAM International New Construction certification with a “Very Good” rating. The first phase has 100% occupancy. Hall A2 is scheduled to be completed in late summer.

Skylight City, an office building developed by Hungarian company Wing, has received a Very Good rating under the BREEAM In-Use sustainability certification scheme. The certification highlights the water and energy-efficient management and operation of the building.

The complex is one of the largest in the local office market. It was developed by the Hungarian company Wing and now has become a multi-tenant office building. However, there is still 7,500 sqm of space available to prospective tenants.

Lightware Zrt, a significant tech company has chosen Hungária Office Park (HOP) developed by Hungarian company Wing. The new tenant is moving its headquarters to the park in autumn 2023, to a 7000 sqm office building, which the developer will fully renovate. Wing was represented by the Eston International agency during the lease negotiations.  

The renovation of Liget Center, a Wing development, is about to reach a new milestone: a new building with an all-glass facade will join the existing office buildings – Liget Center Classic and Liget Center Auditorium – in the inner courtyard. Liget Center Vitrum will offer an additional 2200 sqm of leasable area in the city centre.

Hungarian developer and investor Wing and asset management company Griffin Capital Partners (GCP) have successfully finished the acquisition of the German developer Bauwert AG. 

Construction has just started in the second phase at East Gate Business Park. A total area of 9100 sqm will be available in the hall which offers space for production, assembly, fulfilment and storage purposes.

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.