Hungary’s largest office market transaction closed successfully

OTP Prime Real Estate Investment Fund has fully acquired Corvin Technology Park office building. With the current acquisition of the second phase of the office complex developed by Futureal Group the largest ever transaction in the Hungarian office market has been closed. Following the sale the office portfolio of real estate funds managed by OTP Real Estate Investment Fund Management Ltd. offer nearly 100,000 square meters on Corvin Promenade. Meanwhile Futureal Group has already started the preparation for the development of its Corvin7 office building project.

OTP Real Estate Investment Fund Management Ltd. launched its OTP PRIME Real Estate Investment Fund in 2017. The fund aims to invest in grade ’A’ real estate properties. The fund earlier acquired Futureal Group’s 25,000 square meter Skypark office development. In November 2018 OTP Real Estate Investment Fund purchased the already operating office buildings of Corvin Promenade including Corvin One, Corvin Towers and Corvin Corner.

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Its latest investment, the Corvin Technology Park is located on the east side of Corvin Promenade. The first phase of the building, which provides 14,000 square meters of gross leasable area (GLA), became part of OTP PRIME Real Estate Investment Fund’s portfolio in September 2019. The transaction of the second phase with 13,000 square meters of GLA has been closed recently. As a result of the transactions made over the last few years the total GLA of OTP Real Estate Investment Fund Management Ltd.’s offices has increased to nearly 100,000 square meters on the Corvin Promenade.

„The acquisition of the premium-class Corvin Technology Park was a very important step for the OTP Real Estate Investment Fund, since having a high proportion of real estate in its portfolio is a key element of the fund’s strategy. The quality and the location of the new office building fully meet our expectations. Among other things, our investors appreciate the fund’s premium quality properties and the return on their investments. We want to further strengthen their trust with this successful acquisition,” said Eszter Salamon, director of Real Estate Management at OTP Real Estate Investment Fund Management Ltd.

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With the second phase of Corvin Technology Park, another grade ‘A’ modern office building has joined OTP PRIME Real Estate Investment Fund’s portfolio. Due to its high occupancy rate and stable income-generating capacity it offers an excellent and solid investment opportunity. The central location of the office building, the good transport links and the wide variety of services available in the Corvin Quarter provide great benefits for tenants. Corvin Technology Park was designed to meet the requirements of the digital age. The office building fulfils the highest international requirements, while huge emphasis was put on designing a green environment. Features that are crucial for tech companies, such as higher electrical capacity and power supply providing continuous, uninterrupted operation, received special attention during the planning phase.

„The latest transaction is a significant milestone in Corvin Promenade’s success story that we have achieved together with OTP PRIME Real Estate Investment Fund. This unique urban regeneration project equipped us with a special knowledge that we can leverage during the development of Corvin7, the next chapter of the promenade,” said Tibor Tatár, CEO of Futureal. 

Corvin Promenade, Central Europe’s largest urban regeneration project will soon be expanded with Futureal’s latest office building project called Corvin7. The first phase of the nine-storey complex will provide 17,700 square meters of GLA, while the second has 14,100 square meters of GLA.  

Source: Futureal Group