Raiffeisen Bank Zrt. has signed an agreement to provide project financing for Vision Towers, the office complex being constructed by Futureal.
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In spite of the funding difficulties in recent years, several banks competed for the project something which is unparalleled on the market today. This demonstrates that while banks have tended to keep their property financing activities low, they will still try to acquire the best projects.
According to Dr. János Berki, project director of Vision Towers, "it is not just chance that, so far as we know, only two major financing agreements have been agreed for office buildings in the past twelve months. However, while banks are acting with the utmost circumspection and only after careful consideration of all relevant criteria, finance is available for the best, though only the best, projects: those like Vision Towers. The excellent location of the building, its public transport connections, architecture, the technologies incorporated for sustainable development (BREEAM) and last, but obviously not least, one of the most prestigious tenants KPMG, jointly determine the success of the project."
Ákos Csobádi, head of Raiffeisen Bank Zrt's Project Financing Division explained that: "even though bank funding of the real-estate sector has become considerably more rigorous since the onset of the crisis, after thorough risk analysis Raiffeisen Bank having considered the achievements of the Futureal Group and its sound capital position, as well as the occupancy commitment from KPMG was glad to finance this investment - one of the first large office developments in the capital city for a long time."
The project at the corner of Vaci ut and Dozsa Gyorgy in the 13th District started last autumn and is expected to be completed in the spring of 2014. The building is expected to be awarded the 'Very Good' or even 'Excellent' level of the BREEAM sustainability system. The entire environs of the approx. 23,000 m² office building will be renewed with a link to the metro entrance. There is widespread interest in renting the remaining areas.
Source: Futureal
