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Graphisoft Park finances office construction from FGS credit

Office Market

Graphisoft Park, a listed company that owns and operates a business park in the north of the capital, said its unit Graphisoft Park South I signed a EUR 24 million 10-year credit facility with Unicredit Hungary on Friday, news agency MTI reported.

The credit is provided by UniCredit Bank for Graphisoft within Pillar II of the third phase of the Funding for Growth Scheme (FGS) of the National Bank of Hungary (MNB), the company said. 

Graphisoft Park said it would use the loan to finance developments it described in its recent quarterly report. It said that part of the southern development area is already prepared for construction. The project involves the construction of a new string of office buildings with 12,000 square meters of floor space and an underground car park with 450 spaces. The buildings are expected to be delivered in Q2 2018.

Graphisoft Park said one 3,300-sqm block of floor space out of the four of the building complex will be leased by SAP, which also has an option to lease another 3,300-sqm block.

The second pillar of the central bankʼs program focuses on credit for companies with foreign currency revenues. Here the MNB provides 0% forint financing to lenders combined with an FX swap element. The APR on the FX loans disbursed using the financing is capped at 2.5%.

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