WING has bought Airport City Logistics Park located in the neighbourhood of Budapest Liszt Ferenc International Airport in Hungary. The business park comprises a 12-hectare area offering almost 44,000m² of modern warehouse buildings and 8,000m² of office space spread over six buildings in use and one under construction. Due to the outstanding technical condition and high standards of operation of CPI, as well as its proximity to Liszt Ferenc International Airport, the logistics park is in high demand among tenants, which is reinforced by a continuously high occupancy rate and a strong international mix of tenants. In line with its premium quality, the transaction was carried out at a 5.6% yield, which is the lowest ever rate in the Hungarian industrial and logistics property market.
Airport City fits well into WING’s existing real estate portfolio, as the company has already had a number of development projects in the area, the neighbourhood of the airport. These include ibis Styles Budapest Airport Hotel next to Terminal 2 or Hungary’s most modern training centre for pilots and flight attendants built nearby for Wizz Air. In addition to the logistics park now purchased, WING’s industrial portfolio also includes East Gate and East Gate PRO, as well as Login business parks. Therefore, this transaction will strengthen the company’s position in the Budapest industrial and logistics market, as well. The purchase price was not disclosed.
