Real estate firm Skanska has sold Nordic Light, an office complex in Budapest, to Erste Alapkezelő Zrt, a subsidiary of Erste Asset Management GmbH, according to a press statement sent to the Budapest Business Journal. Nordic Light is the seventh office project developed by Skanska in Hungary’s capital during the 29 years the company has operated in the country.
Skanska’s Nordic Light, a newly built prime office asset in the center of the Váci Corridor, provides 26,200 sqm of GLA. The property was commissioned for use in September 2016 and is already 86% leased to major international companies such as: BASF, Harman, Schneider Electric, Monsanto, M&C Energia, Mercedes-Benz and Cofidis. The buyer, Erste Alapkezelő Zrt., is a subsidiary of Erste Asset Management GmbH, which acts as the asset management arm of Erste Group Bank AG.
“This is our seventh divestment in Budapest. The first Skanska office project in Hungary was sold in 2004. We are pleased to welcome a new partner in Erste. The partnership between our two companies in Budapest is of great satisfaction to us, as it confirms that Hungary’s real estate market is in rude health. The transaction also illustrates that Skanska’s standards and quality products are highly valued here,” said Adrian Karczewicz, head of divestments CEE at Skanska Commercial Development Europe.
“Erste Real Estate Fund’s portfolio has expanded with the acquisition of another ‘A’ category brand new office building in Váci út, which offers highly efficient operational possibilities. The acquisition of Nordic Light fits in well with our strategy, which focuses on property purchases from reliable developers that serve the interests of our investors in the long run and have excellent sustainability,” said Balázs Pázmány, chairman of the board at Erste Alapkezelő Zrt.