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Futureal sells Corvin Technology Park to OTP

Office Market

Futureal Group has announced the sale of the Corvin Technology Park office building, the fifth office complex developed on the Corvin Promenade, to OTP Prime Real Estate Investment Fund, the firm reveals in a press release sent to the Budapest Business Journal.

The office portfolio of real estate funds managed by OTP Real Estate Investment Fund Management now offers nearly 100,000 square meters of office space on Corvin Promenade alone.

The 27,300 sqm Corvin Technology Park is located on the east side of Corvin Promenade near the Nokia Skypark office building. The first phase of the building provides 14,300 sqm of gross leasable area (GLA), while its second phase - expected to be delivered in November - will offer 13,000 sqm of GLA.

The first phase of the transaction has been closed. A sale and purchase agreement for Corvin Technology Park’s second phase has also been signed by the parties.

“The acquisition of the state-of-the-art Corvin Technology Park is further proof that Futureal’s outstanding office developments on Corvin Promenade represent a valuable long-term investment for our partners,” says Tibor Tatár, CEO of Futureal. “This transaction further strengthens our solid partnership with OTP Prime Real Estate Investment Fund.”

OTP Real Estate Investment Fund Management launched its OTP Prime Real Estate Investment Fund two years ago. The fund earlier acquired Futureal’s 25,000 sqm Skypark office building development, the first unit of the office block that marks the eastern boundary of Corvin Promenade. In November 2018, it purchased the already operating office buildings of Corvin Promenade including Corvin One, Corvin Towers and Corvin Corner.

“The Corvin Quarter is undoubtedly a dynamically developing neighborhood located in the vicinity of downtown Budapest; that’s the reason why we pay special attention to this area,” notes Nándor Tóth, CEO of OTP Real Estate Investment Fund Management. “Following the successfully closed transaction last November, we have now entered into another high-value agreement. Corvin Technology Park, a premium-class office building, from now on belongs to OTP Prime Real Estate Investment Fund’s portfolio.” 

According to Alexa Schlosser, director of acquisitions and asset management at OTP Real Estate Investment Fund Management, the latest acquisition represents a valuable investment opportunity due to its high occupancy rate and stable income-generating ability.

“Thanks to these elements, the property perfectly fits into the fundʼs real estate portfolio. The office building’s central location, its good accessibility and the wide range of services available in Corvin Quarter provide excellent infrastructure for tenants,” she says.

Corvin Technology Park was designed to meet the requirements of the digital age with an emphasis on a green environment, featuring an inner garden on the ground floor of the building and a rooftop terrace, notes the press release. It will also be equipped with a mechanical heat recovery system, bike storage, showers, water-saving sanitary ware, and electric car chargers. Features crucial for tech companies, like higher electrical capacity and power supply providing continuous, uninterrupted operation, received special attention during the planning phase, the press release adds.

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