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Futureal, Erste sign EUR 10 mln agreement for Corvin Corner

Office Market

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Real estate concern the Futureal Group has successfully refinanced its Corvin Corner office building by signing a credit agreement with Erste Bank Hungary for EUR 10.2 million, according to a press release issued Thursday.

Erste Bank increased its original EUR 7 mln line of credit for the project as the occupancy rate of the Corvin Corner building, officially opened in December 2014, has already reached 100%, the press statement says.

Corvin Corner, part of the third office building phase of the Corvin Promenade project, is valued at EUR 16 mln, offering over 6,000 square meters of leasable space. The category ”A” office building, located on the corner of Futó and Práter streets in Budapest, has received the BREEAM certification indicating the highest level of energy efficiency, the press statement added.

The largest tenant at Corvin Corner is EPAM, one of the world’s leading software developers, renting over 5,000 sqm of office space.

“The credit agreement with Erste Bank demonstrates not only the success of our Corvin Corner project, but it also proves the stability of the Futureal Group. In addition, it contributes to our efforts to focus on further office development projects,” said Gábor Futó, founder of the Futureal Group.  

“Erste Bank and the Futureal Group have been close partners for 10 years. During the course of our cooperation, the bank participated in financing several successful office development projects which shows the bank’s strong commitment to financial partnership and value creation,” said Zoltán Balázs, head of Real Estate and Structured Finance at Erste Bank.

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