Atenor has sold the fourth building on the Vaci Greens complex in Budapest (Hungary), to a Hungarian private fund. The building (“Vaci Greens D”) comprises 14,145 m² of office space, 1,502 m² of commercial units and underground parking for 260 vehicles. Scheduled for completion by the beginning of 2018, the building is already partially (25%) leased to Unilever and to retail traders.
The sale will close with the delivery of the building early in 2018, but will already have a positive impact on Atenor’s results in terms of percentage completion in 2017. The total margin realised on building D will be lower than on the sale of the three previous buildings, because of the historically higher cost of the land for D. Nonetheless, with the sale of two other buildings on the Vaci Greens campus since the start of the year (the first building having been sold in 2016), these transactions will have a significant cumulative impact on 2017 results.
With this fourth commercial success in a matter of months, Atenor is reaping the full benefits of its Central European development strategy: on these four initial sales, it has realised total income of the order of €185m. The Vaci Greens campus in Budapest consists of 6 buildings offering a total of 120,000 m² of office space, 3 of which have been completed and the 4th of which (the subject of this sale) is under construction.
Atenor has also recently announced the acquisition of a new project in Budapest (the 80.000 m² Arena Business Campus, formerly Hungaria 30).
