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IMMOFINANZ: large lease agreements for the Hungarian office and logistics portfolio

IMMOFINANZ, one of the leading players in the office and logistics market in Hungary, has signed several lease agreements accounting for approximately 50,000 sqm in its Hungarian portfolio in the last months. In detail: around 7,000 sqm are new leases, while contracts for an additional 18,000 sqm of office and 25,000 sqm of logistics space have been renewed.

About 4,000 sqm of new space was leased at the Greenpoint7 office building by several tenants, amongst others the National Research, Development and Innovation Office with about 2,000 sqm. A new tenant, the Ripost media company, also moved to the Globe3 office building. With Alvicom the office building Haller Gardens has another new tenant operating within the IT sector. One of the existing tenants, Computacenter, expanded its previously leased space by an additional 1,200 sqm.

In respect to prolongations, the company managed to satisfy several existing tenants: While 18,000 sqm of office space relates to anchor tenants in the buildings Átrium Park, Greenpoint7, Haller Gardens, Xenter13 and Szépvölgyi Business Park, another 25,000 sqm has been prolonged by existing logistics tenants. OPEL SOUTHEAST EUROPE decided to lease more than 12,000 sqm for another five years at the LOG.IQ Camel Park situated in Budaörs, near Budapest. Furthermore Törley Pezsgőpincészet has prolonged its contract for LOG.IQ Dunaharaszti, also covering more than 12,000 sqm for an additional five years.

„In the last fiscal year, from May 2014 to April 2015, IMMOFINANZ has leased more than 40,000 sqm of office space and more than 10,000 sqm of logistics space in Hungary – these figures include new lease agreements as well as prolongations of existing contracts. This growth pattern continues in the current financial year, which underlines the quality, flexibility and security that we can offer our new and existing tenants as a major real estate company”, adds Viktor Nagy, Country Manager Office and Logistics at IMMOFINANZ Hungary.

Hungary is among the core markets of IMMOFINANZ. The Austrian investor and developer has been present in the market for more than 14 years, its properties in the country represent 7.8% of the company’s total portfolio. In Hungary IMMOFINANZ owns 38 properties (30 standing investments and 8 pipeline projects) with a carrying amount of EUR 521.1 million. The standing investment portfolio comprises 12 office buildings, 13 retail properties and 5 logistics assets. (All data as of 30 April 2015)