The annual international real estate and investment event in Munich is seen as an excellent barometer of the mood of professionals at a time of upheaval in the markets concerning ESG, technology usage and international socio-political instability.
Around 42,000 participants from 70 countries attended the three-day event at the Messe München exhibition center. Newmark VLK Hungary participated as part of the first Newmark stand at Expo Real with around 70 representatives from the Czech Republic, France, Germany, Poland, Spain, the United Kingdom and the United States, as well as Hungary.
Takács sees a reactivation of the investment markets in Central Europe, with the region back on the radar screen of international investors. Once transactions have been completed, there will be increased liquidity and, therefore, the markets will be able to attract even more investment.
However, to put the recovery in Hungary in context, the recent purchase of the Palladium shopping center in Prague by Reico (a fund owned by Erste Group) for a reported EUR 700 million is equal to recent total investment volumes for Hungary. The Czech Republic and Poland are currently the favored Central European investment destinations, which is reflected in annual investment volumes and the significant yield differentials between Hungary and these leading CEE markets.
“In Hungary, transactions tend to be significantly below EUR 100 million. A notable recent deal in Budapest is the acquisition of the 30,700 sqm Science Park in Budapest by Recorde Asset Management, in strategic partnership with Chapel Hill Capital,” comments Péter Takács.
As international investors are out-priced by the dominance of local investors in the Czech Republic, investors could look to make acquisitions in Hungary with the favorable yield premium that this country provides. National elections in Hungary next year may also remove political uncertainty. With predictable pricing and quality assets available in Hungary, this could lead to market liquidity, making the country more attractive to international investors.
The office sector is seen as an attractive investment and development destination. Newmark VLK Hungary has worked on the purchase of a new quality office building in Buda for an owner-occupier. Hotel is continuing to attract international investors for joint ventures with local money and developers, with 2,000 hotel rooms under construction or planned.
Industrial is an attractive investment option for standing assets, such as the recent 84,000 sqm HelloParks transaction with Erste Open-Ended Fund. Residential is also a favorable development option, and Newmark VLK has worked on the sale of three residential development plots in Budapest.
“There are quality assets in Hungary; with attractive yields and capital values, international investors could follow local investors in Hungary,” Takács concludes.
Recorde Asset Management, in strategic partnership with Chapel Hill Capital, has announced the acquisition of the 30,700 sqm Science Park, located in District XI. This marks one of the most significant office transactions of 2025 in Hungary, according to Recorde Asset Management.
Science Park is seen as a “dominant, category ‘A’ property hosting a balanced set of multinational and domestic companies with a strong bias towards technology-driven industries.” Concentrated energy efficiency measures have resulted in competitive operating costs, and the complex has achieved BREEAM “Excellent” sustainability certification.
The purchase was completed by the Recorde Science Park Real Estate Investment Fund vehicle managed by Recorde AM, in partnership with Chapel Hill as co-investor/general partner and asset manager. Erste Bank Hungary provided acquisition financing for the transaction.
“Science Park fits well into Recorde’s strategy of seeking out high-quality, value-add investments with skewed risk and reward potential for our investors, and we believe our partnership with Chapel Hill will provide the optimal platform for the property to thrive in the years ahead,” says Gábor Kutas, founder and CEO of Recorde AM.
James Kinnell, managing director of Chapel Hill Capital, adds: “We are fully aligned and motivated to execute our business plan, aiming to further bolster the asset’s occupancy, operating efficiency and sustainability credentials and thereby creating tangible value for all stakeholders.”
Recorde is an alternative investment fund manager, established in 2023 as a member of Concorde Group with the aim of building a pan-European real estate investment platform by leveraging strategic partner relationships.
The DRFG Investment Group has completed its first acquisition in Hungary by purchasing the 17,600 sqm Bartók Ház office building in District XI from CA Immo. The transaction is part of the group’s strategy to expand its real estate portfolio further across the CEE region.
“This is an attractive property in a prestigious location that fits perfectly into our long-term strategy for growth and diversification; Bartók Ház is the group’s first office and commercial property in Hungary, yet we already see additional opportunities in this market that we intend to pursue,” comments Jan Pelíšek, director of the real estate division at DRFG. Completed in 2003, Bartók Ház is a Class A office building with BREEAM “Very Good” certification.
On the seller’s side, Eston acted as advisor. On the buyer’s side, CBRE was the advisor, legal advisory services were provided by Bird & Bird, and technical advisory services were handled by Sentient. The transaction also involved TriGranit. The firm, which became part of the DRFG Group last year, will be responsible for the building’s asset management and investments.
“We see Budapest and the entire Hungarian market as highly promising,” says Tomasz Lisiecki, CEO of TriGranit, of the acquisition. “With our long-standing knowledge of the market and a strong local team, we identified numerous opportunities for further development. Bartók Ház is a stable asset with a strong tenant portfolio, providing us with scope for further value creation,” he adds.
This article was first published in the Budapest Business Journal print issue of October 17, 2025.
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