CBRE envisages ‘major deals’ this year
The Hungarian investment property market can expect major business deals this year, according to a recent analysis sent to the Budapest Business Journal by CBRE Hungary. The real estate firm expects 2017 to reach last year’s EUR 1.54 billion (HUF 480 million) turnover.
With the completion of two high profile, multi-tenanted logistic centers and three city center assets, CBRE Hungary says it has confidence for the year ahead.
Last year the firm was involved in eight major transactions, where office buildings and industrial properties were sold for nearly EUR 350 mln. High-value landmark office buildings in Budapest — such as Váci Corner, Nordic Light, and Park Atrium — and significant properties of the industrial and logistics market — such as the South Pest Business Park and Aerozone — all changed hands last year, CBRE remings.
According to to CBRE capital markets team commercial properties worth some EUR 500 mln will soon appear on the Hungarian real estate market. The year’s turnover is expected to exceed last year’s EUR 1.54 bln, which would show an undiminished growth of the investment market since 2012.
“With a number of other high profile assets in the deal pipeline and due to be announced in Q2 2017, CBRE are of the opinion that investment volumes could top those of 2016,” said Tim O’Sullivan, head of capital markets at CBRE Budapest. This increased level of activity is based around new equity entering the market and solid fundamentals underpinning investor assumptions and underwriting, according to CBRE.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.