Ablon, the AIM-listed Hungarian real estate developer, said that its Global Immo subsidiary has won a public tender for around 24,000 m[sup]2[/sup] of office space in Budapest from the Hungarian Post Office. The deal is subject to a 10-year lease contract that Ablon says it expects to be finalised by the end of this month. Total annual gross rental income will be around EUR 5 mln under the terms of the agreement.
Ablon, the AIM-listed Hungarian real estate developer, said that its Global Immo subsidiary has won a public tender for around 24,000 m2 of office space in Budapest from the Hungarian Post Office. The deal is subject to a 10-year lease contract that Ablon says it expects to be finalised by the end of this month. Total annual gross rental income will be around EUR 5 mln under the terms of the agreement.
The Hungarian Post Office will be renting around two-thirds of the total lettable space in the Gateway Office Park, a project at an advanced stage of construction on about 11,250 m2 of land. Back in February, Ablon purchased the remaining 33% of the shares of Global Immo, the Gateway project’s owner, for around EUR 6 mln. They then announced that they would be accelerating the construction of the project so that it would be completed by the end of 2007.
