OTP acquires 2nd phase of Corvin Technology Park
OTP Prime Real Estate Investment Fund has fully acquired the Corvin Technology Park office building, with the current acquisition of the second phase of the office complex developed by Futureal Group increasing the fundʼs total Corvin Promenade office portfolio to almost 100,000 sqm, according to a press release sent to the Budapest Business Journal.
OTP Real Estate Investment Fund Management Ltd. launched its OTP Prime Real Estate Investment Fund in 2017, aiming to invest in grade "A" real estate properties.
The fund earlier acquired Futureal Group’s 25,000 sqm Skypark office development. In November 2018, the fund purchased the already operating office buildings of Corvin Promenade including Corvin One, Corvin Towers and Corvin Corner.
The fund acquired the first phase of Corvin Technology Park, located on the east side of Corvin Promenade last September. The first phase provides 14,000 sqm of gross leasable area (GLA).
The transaction of the second phase with 13,000 sqm of GLA has been closed recently. As a result of the transactions made over the last few years, the total GLA of OTP Real Estate Investment Fund Managementʼs offices has increased to nearly 100,000 sqm on the Corvin Promenade, according to the press release.
"The acquisition of the premium-class Corvin Technology Park was a very important step for the OTP Real Estate Investment Fund, since having a high proportion of real estate in its portfolio is a key element of the fundʼs strategy," said Eszter Salamon, director of real estate management at OTP Real Estate Investment Fund Management.
"The quality and the location of the new office building fully meet our expectations. Among other things, our investors appreciate the fund’s premium quality properties and the return on their investments. We want to further strengthen their trust with this successful acquisition."
The press release says that the second phase, due to its high occupancy rate and stable income-generating capacity it offers an excellent and solid investment opportunity. The building offers good transport links, with a wide range of services accessible in the Corvin Quarter.
The office building fulfills the highest international requirements, with an emphasis on creating a green environment. Aiming to attract tech companies, it also features higher electrical capacity and power supply providing continuous, uninterrupted operation.
Futureal CEO Tibor Tatár says, "The latest transaction is a significant milestone in Corvin Promenade’s success story that we have achieved together with OTP Prime Real Estate Investment Fund. This unique urban regeneration project equipped us with a special knowledge that we can leverage during the development of Corvin7, the next chapter of the promenade."
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