CBRE to handle accounting, property management of Váci Greens Building ‘C’

Office Market

Real estate firm CBRE has been picked to handle the property management and accounting of Váci Greens Building C, according to a press statement sent to the Budapest Business Journal today.

In December 2016, the Czech ZFP realitní fond real estate fund purchased Building C of the Váci Greens office complex from Atenor. The investor has appointed CBRE, winner of the “Property Management Company of the Year” award from in 2016, to carry out property management and a fully comprehensive accounting of the building, according to the press statement.

“We are honored that CBRE is seen as a reliable Hungarian partner of an investor entering a new market. Beside other business lines and property management, CBRE also provides fully comprehensive accounting and registered seat services, which played a significant role in winning the commission,” said Zsolt Kákosy, CBRE’s head of asset services.

“Our integrated service approach greatly facilitates the building’s property management and accounting tasks, as it saves a lot of time through automation and is much more effective than if we were running two separate databases simultaneously, eliminating the reconciliation issues often occurring otherwise, and the use of paper,” he added.

The Váci Greens project, which was launched in 2008 by Belgium real estate developer Atenor, will total six office buildings once completed, with category “A”, BREEAM “Excellent”-certified office space standing at more than 120,000 square meters. The office park’s Building C is leased entirely by General Electric, which has a global operations center there.

ZFP Investments is a subsidiary of Slovakia’s IAD Investments, an asset management company managing a portfolio of nearly EUR 500 million, and of Czech financial services company ZFP Akademie, which since its foundation in 1995 has gradually gained tens of thousands of sales representatives and facilitated more than three million contracts.

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