Early in 2018 CBRE wins the management of further 10 properties (industrial and shopping centres and an office building) in Budapest. The Budapest office of the world’s leading real estate advisor now manages 600,000 sqm of portfolio in Hungary.
This year CBRE’s commercial management portfolio was further extended when one of Hungary’s major institutional investors, CPI Property Group as a leading investor in Central and Eastern Europe, an international asset management company and a Hungarian investment fund appointed CBRE to manage in total 6 logistic centres, the BuyWay retail parks in Dunakeszi and Soroksár, the Europeum Shopping Center and an office building in Budapest. With nearly 200,000 square meters of real estate gained in the first months of 2018, CBRE now manages almost 600,000 square meters of commercial real estate in Hungary in total.
"We are delighted that after Campona and Polus Center we can entrust further retail properties to be managed by CBRE, so that our growing real estate portfolio can be operated efficiently and professionally”, Mátyás Gereben, MRICS Country Manager at CPI Hungary noted.
In the Hungarian commercial real estate market, 2017 brought a new record with nearly EUR 1.78 billion turnover, of which 36 per cent market share is attributed to Hungarian-owned real estate funds. Domestic investors have substantially increased their average transaction size, ie they invest their clients' capital in higher-value real estate. In Central Europe the Hungarian investment market showed the most dynamic growth since the low-point of 2012, - increasing about 70% in 2017 in contrast with the region's 26% growth rate.
According to Zsolt Kákosy MRICS Director, Head of Asset Services at CBRE, „it is great acknowledgement of our expertise and recognition of our previous experience that our partners' new properties are now to be managed by CBRE. The combined knowledge of our colleagues and the international network of CBRE guarantees that the industrial real estates, shopping centres and office buildings will be in expert hands.”
On top of accolades from clients, CBRE was lauded by industry experts as well, in 2018 CBRE won CIJ Hall of Fame’s “Best of the Best Property Management in CEE” award and Europa Property’s “Best Property Management Company of the Year” award.