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Erste Real Estate Fund buys 2nd phase of Advance Tower

Property developer Futureal Group has reached an agreement with Erste Real Estate Fund regarding the sale of the second phase of its Advance Tower office development, located on Budapestʼs Váci Corridor, according to a press release sent to the Budapest Business Journal.

The agreement means that both phases of the development belong to Erste Real Estate Fund now. As the Budapest Business Journal reported earlier, the deal regarding the first phase was made last spring.

The transaction represents the first occasion in Hungary that a WELL pre-certified office building with features positively impacting the health and wellbeing of employees changes owners. The acquisition of the office complex grows Ersteʼs portfolio by more than 20,000 sqm of gross leaseable area. The second phase alone adds some 8,000 sqm to the total.

Tenants have already moved into both phases, with some 2,000 employees working there. The eight-story, category “A” building has tenants such as APEX, KPMG Global Services and Thermo Fisher Scientific.

Advance Tower has been awarded BREEAM certificates, and the office complex has been designed and will be operated according to the WELL Building Standard, the press release says. 

"The current transaction is one of the highlights of our successful long term cooperation with Erste Asset Management," said Tibor Tatár, CEO of Futureal. "We are proud that two of our office developments including Vision Towers and Advance Tower have already been purchased by the fund. Futureal Group will continue to develop high quality, state of the art, human-focused and sustainable office buildings both in Hungary and across the globe." 

Balázs Pázmány, chairman of the managing board at Erste Asset Management says, "With the acquisition of the second phase of the Advance Tower, the Erste Real Estate Fund has taken another significant step towards creating a portfolio of office buildings with excellent international tenant mix and high technical quality. "

"Our commitment to both tenant satisfaction and sustainability is demonstrated by the complex featuring eco-friendly design, WELL certification, and elegant aesthetic appearance," he adds. "The agreement is the next milestone in an outstanding business relationship that further strengthens our solid commercial real estate portfolio."