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S IMMO looking to expand Hungarian portfolio

Office Market

Photo by S IMMO

Property investment company S IMMO, celebrating its 20th anniversary in Hungary this year, is looking to grow its portfolio in Hungary with thousands of square meters of A-class, sustainable and people-oriented office space, according to a press release sent to the Budapest Business Journal.

As an option, the company says that it is also considering self-developed projects that are tailored to the growing needs of employees and that also improve the quality of life of local communities. 

"Leveraging on our vast local market experience and knowledge we continue to shape the industry in the future. In Hungary we are committed to realizing projects with high-quality, sustainability, well-being, innovative solutions, and services, that will define the market for the next 20 years. We are confident that the first announcement will be made shortly," emphasized Géza Barabás, country manager of S IMMO Hungary.

Vienna-based S IMMO AG began its expansion in CEE at the turn of the millennium, entering the Hungarian market in 2001 after the Czech Republic. Over the last two decades, its Hungarian subsidiary S IMMO Hungary has owned an office and hotel portfolio exceeding 110,000 sqm, which includes the premium category Blue Cube, Buda Center, City Center, Podium, Maros BC, and River Estates, as well as the Budapest Marriott Hotel. Last year, S IMMO Hungary had more than 70 tenants in Budapest. 

"Over the first two decades, S IMMO has achieved a stable market presence and created an attractive and exciting property portfolio in Hungary, which has proven its value on several occasions. As a result, the group has become a recognized and reliable industry player in Hungary that we are very proud of," said Friedrich Wachernig, MBA, member of the management board of S IMMO AG. 

The group owns properties with a total area of approximately 1.3 million sqm across the European Union with an occupancy rate of 93.2 % and an overall rental yield of 5.% as of June 30, 2021. Its total revenues reached approximately EUR 91 million for the first six months of 2021 and nearly EUR 174 mln for 2020.

 

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