It's been a quarter to remember for the Hungarian office of CBRE
It is very likely that business deals in the Hungarian investment property market in 2017 will reach last year’s EUR 1.54 billion (HUF 480 million) turnover – predicts the Budapest office of the world’s largest real estate advisory firm. Last year CBRE was involved in eight major transactions, where office buildings and industrial properties were sold for nearly EUR 350 million.
With the completion of two high profile, multi-tenanted logistic centres and three city centre assets; CBRE is feeling confident about the year ahead. High-value landmark office buildings in Budapest such as Váci Corner, Nordic Light or Park Atrium, or significant properties of the Budapest industrial and logistics market such as the South Pest Business Park or Aerozone have all changed hands last year. In the 8 major transactions that have taken place with CBRE involvement buyers paid a total of nearly EUR 350 million for the properties. And notably the above has been completed in addition to CBREs involvement in the acquisition for CPI Property of the five Hungarian assets previously owned by CBRE Global Investors – a notable deal of two shopping centres one office building and two Interspars.
According to CBRE Capital Markets Team commercial properties worth some EUR 500 million will soon appear on the Hungarian real estate market. The year’s turnover is expected to exceed last year’s EUR 1.54 billion, which would show an undiminished growth of the investment market since 2012.
”With a number of other high profile assets in the deal pipeline and due to be announced in Q2 2017; CBRE are of the opinion that investment volumes could top that of 2016” - Tim O’Sullivan Head of Capital Markets at CBRE Budapest noted. This increased level of activity is based around new equity entering the market and solid fundamentals underpinning investor assumptions and underwriting.