WING has signed an agreement for the sale of the Honved Center office buildings in the Central Business District of Budapest. On the basis of the sale and purchase agreement, the 6,500m2 building will be acquired by Greve Honved Kft. (a 100% subsidiary of Hamburg-based Greve Group). WING intends to use the funds released by the sale to finance further real estate activities.
WING is a leading regional player in the Central European property market active in Germany, Poland and Hungary.
"WING is active in all property asset classes in Hungary. This transaction confirms our belief that offices remain a key component of the real estate market, as they also represent a key component of a modern economy. WING is committed to providing buildings to its partners that meet their needs in terms of location and functionality. As tenants enter into long-term rental agreements for the space that they require, investors in turn recognize the long-term value of these assets. This transaction is proof of a functioning office market. For both developers and investors,” said Noah Steinberg, Chairman and CEO of WING.
Honved Center offers unique, high-quality offices, available for lease in a historic setting in the heart of Budapest’s city centre. The project comprises two buildings: One is a classical-listed building with a restored turn-of-the-century facade concealing well-appointed, modern offices and imposing interior spaces reflecting the building’s original appearance. The other is a modern office tower provides six floors of high-quality office space, underground parking and a newly renovated reception area. Parliament, numerous public institutions, ministries, courts and chambers, shopping venues, restaurants and cafés, and the capital’s renowned antique shop and gallery district are all in the building’s immediate neighbourhood.
The seller was represented by Szecsenyi & Partners and iO Partners, while the buyer was supported by Taylor Wessing Braner, Odor es Tarsai Ugyvedi Iroda.
The transaction is expected to close in mid-December. The purchase price and other terms of the transaction remain confidential.
Image source - WING.
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