Futureal sells Skypark to OTP investment fund
Futureal Group has sold its Skypark office building to the OTP Prime Property Investment Fund in a recently closed transaction. The acquisition increases the value of the fund’s property portfolio to over HUF 40 billion, according to a press release sent to the Budapest Business Journal.
The construction of Skypark was completed at the end of 2016. Its 25,171 square meters of gross leasable area (GLA) is complemented by 226 sqm of storage space and a 460-space parking garage. The building is the first element of the eastern closing block of Corvin Promenade, the development started in 2015.
OTP Real Estate Investment Fund Management Ltd., a leading player on the local property investment market, launched the OTP Prime Property Investment Fund in January this year, which aims to invest in category ‘A’ and ‘A+’ real estate. The first acquisition of the new fund was the recent purchase of the Váci Greens “B” office building which is located on the Váci Corridor. The new fund is primarily recommended for institutional investors and private bank customers, so they can also profit from positive trends in the property market.
The ‘A+’ category Skypark has achieved BREEAM Very Good certification, says the press release. Its sustainability features include automated shading technology, which can control the sunshine exposure on demand, an electric car charger, green roof, bicycle parking racks, dressing rooms, showers and energy-efficient mechanical systems.
Facilitating efficient, creative work had high priority when planning the interior design, according to the press release. An urban space was designed in front of the entrance to the office building with a statue, fountain and seating surfaces, where 10-meter high plane trees have been planted. Nearly 100 shops, restaurants, cafés, a fitness-wellness center, laundry, post office, bank branches and a cinema can be found within the vicinity of Skypark.
“Skypark, as an iconic building of the Corvin Promenade, further increases the attractiveness of the Corvin Quarter for existing and potential tenants,” said Gábor Futó, founder of Futureal Group. “When planning our office buildings our main focus is to create an engaging and inspiring full-service environment in order to make attracting and retaining the best employees easier for our tenants. The innovative design and modern, environment-friendly solutions of the office building guarantee that the complex will be an excellent long-term investment,” he added.
“Both the real estate and office markets have been on the rise in the last year. We are of the view that this is the beginning of a strong real estate market cycle. This is why we decided that the timing was right to create a new property investment fund that focuses on investing in premium office developments such as Skypark,” said Dr. Zsolt Barna, president and CEO of OTP Real Estate Investment Fund Management.
Corvin Promenade is an internationally recognized development project that has won the International Property Awards Best Mixed Use Development Europe award, as well as the property development award of the Hungarian Chapter of FIABCI. In 2014, the development was the first Hungarian project to be honored by the Urban Land Institute Global Awards for Excellence, considered the “Oscars” of the city and real estate development industry, claims the press release.
Based on innovative solutions, Skypark was designed by the internationally recognized studio Zoboki-Demeter and Associates Architects, winners of the FIABCI audience award. The ground floor houses restaurants, cafés and a kindergarten, and the building also includes a two-story lobby and a conference center on the first floor. The office complex is entirely occupied by one tenant, Finnish multinational communications and IT company Nokia. The acquisition of Skypark was one of the largest office market transactions over the last 12 months in Budapest.
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