WING has signed an agreement to sell the Honved Center office buildings in the Central Business District of Budapest to Greve Honved Kft., a 100% subsidiary of the Hamburg-based Greve Group.
WING has announced its intension to use the funds released by the sale to finance further real-estate activities.
“WING is active in all property asset classes in Hungary,” said WING Chairman and CEO Noah Steinberg. “This transaction confirms our belief that offices remain a key component of the real estate market as they also represent a key component of a modern economy. WING is committed to providing buildings to its partners that meet their needs in terms of location and functionality. As tenants enter into long term rental agreements for the space that they require, investors in turn recognize the long-term value of these assets. This transaction is proof of a functioning office market. for both developers and investors.”
According to WING, the 6500-square-meter Honved Center “offers unique, high-quality offices, available for lease in a historic setting in the heart of Budapest’s city center. The project comprises two buildings: One is a classical listed building with a restored turn-of-the-century facade concealing well-appointed, modern offices and imposing interior spaces reflecting the building’s original appearance. The other is a modern office tower provides six floors of high-quality office space, underground parking and a newly renovated reception area. Parliament, numerous public institutions, ministries, courts and chambers, shopping venues, restaurants and cafes, and the capital’s renowned antique shop and gallery district, are all in the building’s immediate neighborhood.”
WING was assisted by the Szecsenyi & Partners law firm and the iO Partners real-estate consultancy, and Greve Honved Kft was supported by the Taylor Wessing Braner, Odor es Tarsai law firm.
The transaction is expected to close in mid-December. The purchase price and other terms of the transaction were not disclosed.
Image source: WING.hu
