Futureal sells Vision Tower to ERSTE Real Estate Fund (HU)

ERSTE Open-end Real Estate Investment Fund has acquired Futureal’s iconic new Vision Towers (North) office block serving as KPMG’s Headquarters. Delivered in August 2014 as KPMG’s Headquarters in Hungary, the youngest building in the Váci Street office corridor with a direct connection to the metro, the northern tower of Vision Towers has got a new owner after the original developer Futureal Group has sold it to ERSTE’s real estate fund.
The office building has had a high profile since the beginning of its construction as it was conceived by Futureal in place of the former Hotel Volga, one of the best known and most frequented locations in Budapest. The project will renew the Váci Street – Dózsa György Street junction and give impetus to the office corridor. With a gross leasable area of 11,125 m², the office tower is the first phase of the Vision Towers project and it has become KPMG Hungary’s Headquarters.
In an unprecedented fashion on the market, KPMG first selected Futureal as its development partner from reliable and highly experienced property developers and only then did they choose the project location in agreement with the professional partner.
Co-founder and owner of the Futureal Group, Mr. Gábor Futó said: We were greatly honoured when KPMG chose us to be the developer of their project. Amidst today’s fierce market competition, it has proved once again that Futureal is recognized both in Hungary and abroad as a reliable and leading market player who can guarantee that their office building is completed in time and in high quality. We are especially glad that this sale is the first sale transaction in Futureal’s Partnership Program, moreover, the sound return generated by the office building will be earned by the predominantly Hungarian investors of ERSTE Real Estate Fund for many years to come.”
Source: Futureal