Philip Morris's Hungarian subsidiary, Philip Morris Hungary, has concluded the acquisition of a 7,000 m[sup]2[/sup] facility in the East Gate business park in Budapest for an undisclosed amount. The built-to-suit facility, developed by Wallis Real Estate, will be handed over to the cigarette manufacturer at end-2008. Global real estate consultant Cushman & Wakefield acted on behalf of Philip Morris.
Philip Morris's Hungarian subsidiary, Philip Morris Hungary, has concluded the acquisition of a 7,000 m2 facility in the East Gate business park in Budapest for an undisclosed amount. The built-to-suit facility, developed by Wallis Real Estate, will be handed over to the cigarette manufacturer at end-2008. Global real estate consultant Cushman & Wakefield acted on behalf of Philip Morris.
East Gate is a modern business and logistics centre being built on a 36-hectare site. The project involves the development of about 140,000 m2 of warehouse and office area. Last year, Wallis RE started construction of the park which will involve a total investment of HUF 22 bn (EUR 86 mln). Major existing tenants include transport company Volán, pharmaceuticals firm Phoenix Pharma and Philip Morris Hungary.
