Atenor sells Vaci Greens Building C in Budapest to ZFPR Realitni Fond

Belgian Real Estate developer ATENOR announced today the sale of VACI GREENS Building C to Czech investment fund ZFP realitní fond (managed by ZFP Investments).

This Building is one of the three buildings completed by ATENOR within its successful VACI GREENS development in Budapest. Building C, completed in June 2015, comprises 18,500m² office space, fully let to GENERAL ELECTRIC.

The whole VACI GREENS development, initiated by ATENOR in 2008, will comprise six office buildings, totalling over 120,000m² Grade A office space. Ideally located within the fast developing business area of the VACI CORRIDOR, the development obtained the highest BREEAM environmental certification, as well as several International Real Estate awards. It attracted prestigious tenants, in particular, GENERAL ELECTRIC which selected VACI GREENS to establish its European Global Operations Centre.

The impact of this sale confirms the latest disclosed ATENOR’s forecast for 2016. Investment market has been recently very active in Budapest and various investors demonstrate a strong interest for the purchase of buildings A (15,700m², 88% let to various tenants) and B (25,300m², 65% let).

ZFP Investments is the Czech subsidiary of IAD Investments – the oldest Slovak mutual fund manager with history since 1991. Its activities are spread throughout Slovak Republic, Czech Republic, and other countries of Central Europe. The current asset under management of the IAD Investments’ funds is ca. € 420 million

Oppenheim acted for the buyer, ZFP Real Estate Fund managed by ZFP Investments. Being the head of our Real Estate Practice Márk Pintér personally led the transaction and was supported by several associates of the Real Estate Practice Group, as well as the firm’s other practice groups such as Finance and Regulatory.