Atenor has sold BakerStreet I, a fully-let prime office and retail development located in Budapest’s Ujbuda district, to an unnamed buyer. The sale will reduce Atenor’s consolidated debt by over EUR 50 million.
Atenor reports that “this milestone marks another significant step in the execution of Atenor’s three-year strategy, which focuses on (A) expanding its residential and mixed-use development pipeline, (B) gradually reducing exposure to the office sector in Central Europe, and (C) continuing to strengthen its portfolio of core office assets in key urban locations.”
BakerStreet I consists of 16,666 square meters of office space and 2,013 square meters of retail space, that is fully leased to E.ON Hungaria under an eight-year agreement that commenced on June 1, 2024.
“E.ON’s new headquarters developed by Atenor represents one of the first next-generation post-COVID office buildings in Budapest,” said Norbert Schomer, Country Director of Atenor Hungary, “focusing on
flexible workspaces, personal well-being, and fostering collaboration.”
Atenor is moving forward with the development of BakerStreet II, next door to BakerStreet I. A permit application for its transformation into a high-quality residential project, complemented by a small retail and office component, is expected to be submitted later this year.
“The sale of BakerStreet I supports our strategic move to rebalance our portfolio, reducing our exposure to offices in Central Europe,” said Atenor COO Alexander Hodac. “With BakerStreet II set to transition
towards residential use, we are preparing the next phase of our growth. It also reaffirms our commitment to responsible, future-proof urban development.”
“With this transaction, Atenor confirms its strategic choice to reduce net debt while investment markets remain challenging,” added Atenor CEO Stephan Sonneville. “We look forward to the opportunities that our three-year strategy will offer for a stronger balance sheet and future growth.”
