Hungary's SCD Group said it is investing up to EUR 200 mln in the redevelopment of a hundred-year-old military barracks which would make it Budapest's greenest office complex.

Hungary's SCD Group said it is investing up to EUR 200 mln in the redevelopment of a hundred-year-old military barracks which would make it Budapest's greenest office complex.

SCD Group will convert the two existing buildings into a combined 15,000 m2 of rentable office space, with the goal of achieving the Excellent rating of the Breeam sustainability certificate. Phase one of the Akademia Park project is fully leased and will involve an investment of around EUR 30 mln, with completion expected in the first quarter of 2011. The entire project is due to be inaugurated in the first quarter of 2013.

Separately, local developer Wing has announced plans to launch a HUF 100 bn (EUR 358 mln) mixed-use development project along the Danube to the south of Budapest. A Wing spokesperson confirmed plans by the company to build 135,000 m2 of office space, as well as 87,000 m2 of residential accomodation, and 8,000 m2 of retail area at the site south of the Lágymányosi Bridge. Construction is due to start next year.

Wing plans to cover 30% of the cost of the Foster and Partners-designed project from its own resources with the remaining 70% to be covered by bank loans.