ERSTE Real Estate Fund Acquires Promenade Gardens

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Promenade Gardens, the recently completed office building located on the prized Váci Corridor, changed hands on Wednesday (August 1), when ERSTE Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development.  

The dual certified 25.000 sqm office has already been chosen by a several international tenants such as Celanese and Citibank, with more signed deals to be revealed soon, ERSTE said in a press release sent to the Budapest Business Journal yesterday. 

Balázs Pázmány, president of the board at ERSTE Asset Management says of the deal: “ERSTE Real Estate Fund is always on the quest for top technical quality buildings in our home market. Promenade Gardens stands out among our recent acquisitions. Our fund placed great trust in Promenade Gardens from the very beginning of the project in 2016, and we continued to follow the development progress closely before taking over ownership. Now I am proud to share that this state-of-the-art building – that rightfully prides itself in technical excellence, energy and water efficiency, environmentally conscious solutions and top aesthetic choices – belongs to our portfolio. We look forward to managing this gem of a property with the utmost care and service-minded mentality towards our tenants.”

On behalf of the property’s developer, Attila Kovács, managing partner at Horizon Development (and vice president of the Real Estate Developers’ Roundtable Association) adds: “We believe that our dedicated efforts towards creating a world-class building on the Váci Corridor have been confirmed by the fact that ERSTE Real Estate Fund has chosen our development as a top investment product with high returns and a long-term value. We had a unique approach aiming at creating workspaces that revolve around their users’ wellbeing, comfort and productivity, but we also carefully considered the environment, the larger social context and our responsibility towards the future when designing and building Promenade Gardens. We are absolutely convinced that ERSTE Real Estate Fund will also see how this added architectural value and commitment towards the environment translates into the asset’s long-term lovability and profitability.”

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