Futureal Group has sold the Advance Tower office complex located in Budapest, Hungary, to Erste Real Estate Fund. The deal is the first transaction in the Hungarian market. The real estate fund has acquired the first phase of the complex developed by the group, while the second phase could join its portfolio under a forward deal. The purchase price was not disclosed.
Located in the Vaci road office corridor, the 8-storey “A” office building comprises c. 12,000m² and is currently let to KPMG Global Services and Thermo Fisher Scientific. The second phase with a GLA of 8,000m² will expand the complex to a total of over 20,000m². The completion is expected in the second half of 2019. The property holds BREEAM certificates and will be operated according to the WELL Building Standard.
“With the current transaction, we are realizing the second successful deal with Erste Investment Fund. The acquisition of Vision Towers and Advance Tower proves the high standard of quality of Futureal Group’s developments that we will continue to guarantee for our partners in the future. Futureal Group has been committed to developing all of its future office buildings according to WELL Building standards since the health of the employees working in the building must be a key priority during planning,” said Tibor Tatar, CEO of Futureal.
“The recent agreement is a new milestone in a tried and tested the professional relationship that will further strengthen our unique real estate portfolio. State of art solutions offered by Advance Tower and its international tenant portfolio provides us with innovation and stability for long-term,” stressed Balazs Pazmany, Chairman of the Managing Board at Erste Asset Management.