Following the appointment of Rockspring Property Investment Managers LLP (Rockspring) by Anglo Irish Bank ('AIB') approximately 18 months ago to asset manage and provide strategic consultancy advice on a portfolio including 22 vacant units in Hungary, Rockspring has, together with Cushman & Wakefield, achieved significant success.
Under Rockspring's strategic planning, Cushman & Wakefield have effected lettings on seven of the units within the portfolio (approximately 30,000 m² out of a total of circa 90,000 m² of vacant space) with a further two units currently under offer. Additionally, a disposal has been completed on another unit and also a purchase option right concluded. Tenants in the portfolio now include significant covenant groups such as Real and Honeywell.
Simon Clarke, Rockspring's European Director in Budapest and who is heading up this instruction, said: "Rockspring's experience in the region, expertise on the ground and careful implementation of our business plan strategy has resulted in considerable success so far on this mandate against the backdrop of extremely challenging market conditions".
Charles Taylor, Managing Director of Cushman & Wakefield's Budapest office added: "This is an excellent example of how we are able to seamlessly integrate leasing, property management and investment sales activities to deliver our clients' goals."