SEB ImmoInvest records large number of new leases in Budapest (HU/DE)

SEB Asset Management can report a large number of new leases totalling almost 18,000 m² for two portfolio properties in the center of Budapest for its SEB ImmoInvest open-ended real estate fund. The tenants include various companies belonging to the Hungarian public sector and the auditors PricewaterhouseCoopers.

Starting from October 2008, PricewaterhouseCoopers (PwC) will occupy around 10,000 m² of office space – approximately 67.5% – of the Office Trade Center, which is located on the Pest side of Budapest. A five-year lease has been signed with PwC, continuing the existing nine-year contractual relationship. PwC intends to invest over €1 million in fitting out the space, underlining the long-term nature of its commitment.

In addition, almost 1,100 m² of office and retail space in the Office Trade Center has been leased to small and medium-sized companies in recent months. This means that the property, which has belonged to SEB ImmoInvest’s portfolio since 1999, has a letting rate of over 75%.

New rentals and lease renewals have enabled SEB ImmoInvest to fully let the office building located at Nagymezö Utca 46-48 in the Pest Broadway cultural district for the next five years. 90% of the total rental space of approximately 6,800 m² is accounted for by four companies belonging to the Hungarian Development Bank. These include Export-Import Bank and the export credit insurance company MEHIB, which together account for more than 5,000 m².

Source: SEB Asset Management

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