Hochtief signs tenants for Capital Square in Hungary

Hochtief Projektentwicklung's Hungarian unit has secured two more tenants for its Capital Square development in Budapest. Hungarian electricity provider Budapesti Elektromos Müvek Nyrt has signed up for almost 4,000 m². Another 1,500 m² has been leased for the office services centre to be opened by FirstClients, a newly founded company providing office services. The services centre will open on 1 April next year.

Austrian real estate investor CA Immo acquired the 32,000-m² office scheme from Hochtief Development Hungary for EUR 71 mln in 2007 before the start of the construction work.

Capital Square is being built on the Váci út and Dráva utca streets, a major office location in Budapest. The complex comprises three separate buildings which are connected by centrally located core sections and feature landscaped inner courtyards.

Under a two-phase time schedule, a total of 32,500-m² will be created until March and August 2009, respectively. The office buildings at Capital Square will be equipped with state-of-the-art solar and noise protection technology.