Skanska sells Mill Park to Erste Real Estate Fund
Skanska has sold Mill Park, a two-building office project in Budapest, to the real estate fund of Erste Alapkezelő Zrt., a subsidiary of Erste Asset Management GmbH. This is the second acquisition from Skanska in Budapest the purchaser has made following the Nordic Light transaction in 2016.
Mill Park offers over 36,000 sqm GLA. It is located in Budapestʼs District IX , an established office location within the Central Pest submarket, and in close proximity to some of the city’s a cultural and academic institutions, a press release sent to Budapest Business Journal says. The property is already 80% leased to tenants, including IT Services Hungary. Mill Park will be completed in Q3 2018 and is expected to receive LEED Gold certification.
"The acquisition of Mill Park is in line with our desire to increase the fund’s real estate portfolio with newly built "A" category office buildings. This transaction provides a defensive, long-term sustainable income for the fund so it serves well the interests of our investors," Balázs Pázmány, head of the board of Erste Asset Management Ltd. said.
During the sales process, Skanska was advised by Cushman & Wakefield. Legal advisers for the transaction were NGYL Partners for the purchaser and Dentons for the seller. Erste Real Estate Fund also recently acquired the Promenade Gardens office building from its developer Horizon Development.
Richter Shareholders Approve HUF 423/Share Dividend
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
