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S IMMO starts 2019 with large-scale deals

Office Market

Vienna-based real estate investment firm S IMMO began 2019 with several large deals on the Budapest market, including the purchase of a nearly 9,000 square-meter plot where the company is preparing the development of a new office complex.

S IMMOʼs River Estates building, where the firm finalized deals with Danone and KIFÜ

The acquired plot is located at Váci út 113, along metro line M3, providing easy access, according to a press release sent to the Budapest Business Journal. S IMMO says the plot will accommodate an office building with some 30,000 sqm of gross leasable area (GLA) on seven or eight floors. Construction is set to start in the spring of 2021, and the planning phase of the project has just begun. As in the case of its other Váci Corridor buildings (Blue Cube and River Estates), S IMMO will apply for a BREEAM certificate for the building.

At the same time, S IMMO has also concluded two major lease transactions at River Estates. Food company Danone, one of the building’s largest tenants, will move its other business units into the facility, expanding its office space. The other large-scale deal was concluded with the state-owned Governmental Information Technology Development Agency (KIFÜ), which provides extensive ICT services for members of the public sector, while also playing a leading role in infocommunications projects. The agency occupies two floors in the building.

The volume of these two transactions reaches almost 4,500 sqm, meaning that almost half of the area from S IMMOʼs former anchor tenant, which left at the end of March 2019, is already let again.

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