Atenor, the Belgian real estate developer listed on Euronext Brussels (ATEB), has finalised the sale of BakerStreet I, a prime ESG-certified office and retail building in Budapest’s Újbuda district. The transaction, closed with an international investor, will reduce Atenor’s consolidated debt by more than €50m and marks a significant milestone in the firm’s three-year repositioning strategy.
The 18,679 m² development is fully leased to E.ON Hungária under an eight-year agreement and showcases next-generation sustainable design, with energy performance exceeding NZEB standards by 20%. Amenities include solar panels, green roofs, heat pumps, rainwater reuse systems, and adaptive building controls, aligning with post-COVID workplace trends centred on flexibility, well-being and collaboration.
“E.ON's new headquarters, developed by Atenor, represents one of the first next-generation post-COVID office buildings in Budapest, focusing on flexible workspaces, personal well-being, and fostering collaboration,” said Norbert Schömer, Country Director of Atenor Hungary.
“The sale of BakerStreet I supports our strategic move to rebalance our portfolio, reducing our exposure to offices in Central Europe. With BakerStreet II set to transition towards residential use, we are preparing the next phase of our growth,” added Alexander Hodac, COO of Atenor.
In tandem, Atenor is progressing plans for BakerStreet II, a 20,420 m² redevelopment adjacent to the sold asset. A permit application is expected later this year to convert the site into a high-quality residential complex, with limited retail and office space. This move supports the ongoing regeneration of Újbuda and reflects investor interest in resilient, mixed-use urban environments. With the Central European office market remaining under pressure, developers are watching closely how Atenor’s pivot could unlock higher-yielding residential opportunities in transitioning urban zones.
“With this transaction, Atenor confirms its strategic choice to reduce net debt while investment markets remain challenging. We look forward to the opportunities that our three-year strategy will offer for a stronger balance sheet and future growth,” said Stéphan Sonneville, CEO of Atenor.
People mentioned:
Norbert Schömer – Country Director, Atenor Hungary
Alexander Hodac – COO, Atenor
Stéphan Sonneville – CEO, Atenor
Companies mentioned:
Atenor – Belgian real estate developer focused on ESG and mixed-use urban regeneration
E.ON Hungária – Hungarian subsidiary of E.ON, tenant of BakerStreet I
Image: BakerStreet I
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