GTC invests over €160m in Budapest office market (HU)

GTC invests over €160m in Budapest office market (HU)

GTC has boosted its Hungarian portfolio by investing €160m in the acquisition of two office properties in Budapest: the Ericsson Headquarters and the Siemens Evosoft Headquarters. The acquisition of two unique A-class office buildings occupied by triple-A tenants is an excellent opportunity to continue GTC’s growth. Both buildings have LEED Gold green certification. The transaction is in line with GTC's strategy of refreshing its portfolio to newer, more modern buildings and focus exposure on office developments in the CEE region as well as fulfil the policy of investing in projects which comply with eco-friendly standards.


Having purchased the Vaci Greens D office building, GTC continues its excellent streak of seizing new opportunities by acquiring two assets in Budapest. The new acquisition complements the existing portfolio of modern, eco-friendly office properties in the Hungarian capital confirming the company’s dedication to operate green, quality projects on the CEE markets. Both buildings are conveniently located in the southern part of Buda on the Danube riverbank. One of the most modern office buildings in Hungary, the Ericsson Headquarters comprises 21,100m² of A-class lettable space, including high-tech and high-end finishes and solutions contained in offices, laboratory, canteen and 500 underground parking places. This fully-leased building is home to one of the Swedish company’s largest R&D centres. It was also awarded the LEED ‘Gold’ certification confirming pro-environmental solutions applied to meet various needs of the tenant.


On the other hand, the Siemens Evosoft Headquarters office building is WING’s newest property development project delivered in late 2020. It brings 20,700m² of modern space housing research and development functions and providing employees with a sustainable 21st-century working environment. It is fully leased and LEED Gold certified. The new acquisitions are an embodiment of GTC’s policy of investing in projects complying with the highest environmental, social and governance standards.


“We strive to develop and acquire buildings that meet the highest environmental standards while blending seamlessly into the urban fabric and creating local landmarks. We are thrilled to see them project their image not only on their immediate surroundings but also reach much further shaping their entire neighbourhoods. Acquisition of the Ericsson Headquarters and the Siemens Evosoft Headquarters will complement and further boost our green office portfolio in CEE. Those two properties with a combined NOI of EUR 8.9 million will contribute significantly to our FFO generation. We aim to finance the acquisition with our own funds combined with bank financing and green bonds issued in late 2020 and early 2021,” commented Ariel Ferstman, CFO at GTC. 

Related News