Listed Austrian real estate group Immoeast has announced the acquisition of the Atrium Park office development in Budapest in the form of a forward purchase, with total investment amounting to around EUR 100 mln. The project is located in Pest near Vaci Ut, the most important office location in the Hungarian capital. It provides a total floor space of 56,000 m2, of which more than 30,000 m[sup]2[/sup] comprises offices. The project also encompasses storage and retail space, conference rooms, leisure facilities and 733 parking spaces.
Listed Austrian real estate group Immoeast has announced the acquisition of the Atrium Park office development in Budapest in the form of a forward purchase, with total investment amounting to around EUR 100 mln. The project is located in Pest near Vaci Ut, the most important office location in the Hungarian capital. It provides a total floor space of 56,000 m2, of which more than 30,000 m2 comprises offices. The project also encompasses storage and retail space, conference rooms, leisure facilities and 733 parking spaces.
Atrium Park will be completed in the first quarter of 2008, but about half of the building has already been pre-let. Major tenants will include the national infrastructure development agency, the national motorway management company, the European Social Fund and an unnamed international corporation.
Immoeast said its Hungarian portfolio, which includes the Euro Business Park logistics centre (68,000 m2), the Haller Garden office project (34,000 m2) and Globe 13 (22,000 m2), is now worth EUR 1.3 bn at fair market value.
