Futureal sells 80,000m2 Budapest office complex to OTP

Hungarian developer Futureal has announced the sale of its Corvin Offices portfolio to funds managed by local bank OTP's property management arm for an undisclosed amount.

The portfolio includes a total of eight properties providing 80,000 m2 of space. Corvin One, which opened in 2008, together with the Corvin Towers and Corvin Corner, have all been acquired by the OTP Real Estate Investment Fund. They are fully let.

OTP Prime Real Estate Investment Fund, which is already the owner of the €130 mln, 25,000-m2 Skypark office part of the larger Corvin project, has agreed to acquire the adjacent Corvin Technology Park, currently under construction.

'This transaction is a significant milestone in the development of Futureal Group and in the 15-year-old history of Corvin Promenade,' said Gábor Futó, founder of Futureal Group. 'Currently we are managing over 30 projects simultaneously, with a total value of €1 bn and a gross area of over 700,000 m2,' he added.

JLL advised the vendor on the deal. 

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