ATENOR has acquired 19,000 sq.m of land on Boulevard Hungària, one of the main road corridors in Budapest connecting the city centre to the airport, which has excellent public transport links (tram, bus, metro) and shops catering to office workers.
The site provides an opportunity to build a campus of 4 office buildings with commercial spaces covering approximately 85,500 sq.m, which will be developed in phases. Permit application for the first building is set to be submitted by the end of the year, allowing construction to begin in 2018.
ATENOR is already active in Budapest with the development of the VACI GREENS campus, where three buildings (totalling 65,000 sq.m) have already been built and sold, a fourth is under construction (and already 24% pre-let) and two more are being considered for future development (45,000 sq.m).
ATENOR has established an effective local team in Budapest, which will also manage the new development.
The acquisition is consistent with ATENOR’s development strategy, which aims to promote major projects of the highest architectural and environmental quality in European cities with positive financial indicators. This acquisition takes the number of projects developed by ATENOR to 18 with an approximate surface area of 720,000 sq.m. They are located in Brussels and Wallonia (Belgium), Luxembourg, Paris (France), Budapest (Hungary) and Bucharest (Romania).
ATENOR is a real estate property promotion company quoted on Euronext Brussels. Its mission aims at providing, through its urban planning and architectural approach, appropriate responses to the new requirements imposed by the development of urban and professional life. Within this framework, ATENOR is investing in large scale property projects meeting strict criteria in terms of location, economic efficiency and respect for the environment. Reuters: ATE0.BR – Bloomberg: ATEB BB
