Futureal Group has sold the fifth office complex developed on Corvin Promenade in Budapest, Hungary, to OTP real estate investment funds. Following the sale, the office portfolio of real estate funds managed by OTP Real Estate Investment Fund Management in the area will amount to nearly 100,000m². The 27,300m² Corvin Technology Park is located on the east side of Corvin Promenade in the immediate vicinity of Nokia Skypark office building. The first phase of the building provides 14,300m² of GLA, while its second phase will comprise 13,000m². The second phase of the complex is expected to be handed over in November this year. The purchase price was not disclosed.
“The acquisition of the state-of-the-art Corvin Technology Park is further proof that Futureal’s outstanding office developments on the Corvin Promenade represent a valuable long-term investment for our partners. This transaction further strengthens our solid partnership with OTP Prime Real Estate Investment Fund,” said Tibor Tatar, CEO of Futureal.
“Corvin Quarter is undoubtedly a dynamically developing neighborhood located in the vicinity of downtown Budapest, that’s the reason why we pay special attention to this area. Following the successfully closed transaction last November, we have now entered into another high-value agreement. Corvin Technology Park, a premium class office building from now on belongs to OTP Prime Real Estate Investment Fund’s portfolio," said Dr. Nandor Toth, CEO of OTP Real Estate Investment Fund Management.
Alexa Schlosser, director of Acquisitions and Asset Management at OTP Real Estate Investment Fund Management, commented: "Another ’A’ category modern office building has been acquired by OTP Prime Real Estate Investment Fund that represents a valuable investment opportunity due to its high occupancy rate and stable income-generating ability. Thanks to these elements, the property perfectly fits into the fund's real estate portfolio. The office building’s central location, its good accessibility and the wide range of services available in Corvin Quarter provide an excellent infrastructure for the tenants."
