Futureal, Erste Bank sign EUR 45 mln credit agreement

Office Market

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Real estate developer the Futureal Group has signed a credit agreement worth EUR 45.1 million with Erste Bank Hungary Zrt. in order to finance the realization of the Corvin 5 office building, according to a press statement sent to the Budapest Business Journal today.

The first phase of the building, featuring the most modern, environment-friendly technological solutions, is expected to be delivered at the end of 2018.

Erste Bank is granting credit of more than EUR 45 million with a repayment period of ten years for Futureal Group’s Corvin 5 office building, which will be realized in two phases. The building complex, valued at EUR 90 million, will be the latest and also the final element of the Corvin Promenade office building project.

The 27,000 square-meter office complex will be located in the eastern closing block of the Corvin Quarter in the immediate vicinity of Skypark, which was finished last year. The first phase of Corvin 5 will offer 14,200 sqm of gross leasable area (GLA), while its second phase will have 12,800 sqm of GLA. 

The ‘A’ category office building was designed according to the latest international standards, Futureal Group claims. Corvin 5 fulfills the highest sustainability requirements, given its energy saving solutions, the real estate firm adds. Additionally, the office building may be among the first to obtain the WELL Building Standard certification in Hungary, which is based on aspects that have a positive impact on the health and well-being of employees. 

“The credit agreement signed with Erste Bank guarantees the successful realization of the Corvin 5 office building,” said Gábor Futó, founder of the Futureal Group. “The complex, which will be equipped with forward-looking technological solutions, will be one of the most distinctive buildings of the Corvin Quarter. With Corvin 5, the total GLA of the Corvin offices will reach 100,000 sqm.”

“Following the refinancing of the Corvin Corner, the credit agreement further strengthens our decade-old, outstanding partnership with the Futureal Group,” said Zoltán Balázs, Head of Real Estate and Structured Finance at Erste Bank. “For Erste Bank, the commitment towards financial cooperation and value creation is extremely important.”

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