EU buys Wing's Millenaris Modern building in Budapest

The European Union has purchased the Millenáris Modern office building development in Budapest's Buda business district from local development company Wing. The financial details were not disclosed.

In a statement this week, Wing said that the newly-developed seven-storey building located in the Millenáris business park will house the European Commission's representation in Hungary and the Budapest Information Office of the European Parliament. A new EU information and cultural community space will open its doors on the ground floor at the start of next year, when Hungary assumes the EU presidency.

The company said that the institution was attracted by the project's 'central location, the emblematic character of the building, and its easy visitor access'. The Millenaris park is the result of a vast redevelopment of the old Ganz manifacturing site. Wing has so far developed three green office properties in the park, and redeveloped the Péter Zöld playground into a public green area.

'Wing's buildings represent value in both the architectural and functional sense, together with cost effectiveness and environmental consciousness,' said Noah M. Steinberg, president and CEO of Wing. 'The decision of the European Commission reflects all of this.' Designed by architects DPi and Terem Kft, the development project is being financed by CIB Bank and will offer 2,200 m² of net office space.

Wing is one of the largest privately-owned real estate companies in Hungary, with a commercial real estate portfolio totalling 850,000 m².