CEE property specialist Trigranit has announced that it will start work on its ambitious Millennium Gardens project in 2017, as the company celebrates its 20th anniversary this year.
Founded in Budapest two decades ago, Trigranit has carried out more than 50 projects in seven countries representing 2 million m2 of gross build area (GBA), receiving over 50 awards since its establishment.
The Millennium Gardens office building in Budapest will provide 37,000 m2 of space on its completion in late 2019 from a location on the banks of the Danube, next to MÜPA and the city's future Congress Centre.
'Although Trigranit is and has always been a Central European player, I am extremely happy that, after years of silence on the Hungarian market, we launch our next office development in Budapest right on the 20th anniversary of Trigranit,' commented Árpád Török, Trigranit's CEO. 'At the same time, this is good proof of the extremely strong and active Hungarian real estate market, where investment volume has reached a record €1.7 bn in 2016.'
Other schemes which will commence in 2017 include Building H, the eighth property in its office complex in Krakow, Bonarka for Business (B4B), providing 10,000 m2 of GLA. Trigranit also plans to start the second phase of Lakeside Park in Slovakia with 13,000 m2 GLA.
Last year saw the company execute two record-breaking sales, with the disposal of Millennium Towers in Budapest for €175 mln representing the largest-ever transaction on the Hungarian office market. Likewise, the sale of the Bonarka City Center in Krakow for €361 mln ranked as the Polish real estate market’s greatest single asset transaction in 2016, and the third greatest volume sale of all time in the Polish retail market.
The company also constructed Buildings F and G (20,000 m2 GLA in total), at the Bonarka for Business office complex in Krakow in 2016, and concluded new lease and renewal agreements for more than 68,000 m2 of office and retail space with a value of over €12 mln.
