Belgian real estate developer Atenor Group Hungary laid the cornerstone of a 72,000 square-meter office complex, dubbed Aréna Business Campus, in Budapestʼs District 8 on Wednesday. Work is set to begin on the cityʼs Hungária körút thoroughfare within a few weeks.
The first of the four office buildings, building "A", is expected to be inaugurated in the third or fourth quarter of 2019, Zoltán Borbély, managing director of Atenor Group Hungary, was cited as saying by state news wire MTI.
Each of the buildings will be eight stories high and have a two-level underground car park. The price of the investment was not disclosed, but the development will be financed from own funds, according to business news portal vg.hu. Besides offices, each building in the complex will house retail units including a restaurant, bank branch, pharmacy and health center.
Belgium-based Atenor, founded a century ago and active in the property development sector for some 30 years, has been present in Budapest since 2008. It is listed on Euronext Brussels.
According to publicly available data cited by vg.hu, Atenor Group Hungary had net revenues from sales of HUF 442.5 million in the 2016 business year, closing the year with profit of HUF 190.8 mln.
In March, Atenor delivered the fourth phase of its Váci Greens office complex in Budapest, building "D." All four of the buildings completed thus far have already been sold, with the fifth and sixth phases, buildings "E" and "F," set to be completed in 2-3 years.