BBJ: Futureal sells Advance Tower to Erste
Property developer the Futureal Group has reached an agreement with Erste Real Estate Fund regarding the sale of the Advance Tower office building, located on Budapestʼs Váci Corridor, according to a press release sent to the Budapest Business Journal.
The transaction will represent the first occasion in Hungary that a WELL pre-certified office building with features positively impacting the health and wellbeing of employees changes owners, says the press release. Erste purchased the first phase of the complex, it adds, but may acquire the second phase as well, within the framework of a future contract.
Tenants have already moved into the first-phase buildings, with some 1,400 employees working there. The 8-story, category “A” building has tenants such as KPMG Global Services and Thermo Fisher Scientific. Upon completion, the second phase will expand the complexʼs gross leasable area (GLA) to 20,000 square meters by adding 8,000 sqm to the total. The new section is expected to be delivered in the second half of 2019.
While the transaction regarding the first phase was concluded this April, the sides have agreed to a preliminary contract regarding the second phase.
Advance Tower has been awarded BREEAM certificates, and the office complex has been designed and will be operated according to the WELL Building Standard, according to the press release. Futureal Group is the first European property developer with three projects receiving WELL Platinum pre-certification at the same time, it notes.
“With the current transaction, we are realizing the second successful deal with Erste Investment Fund,” noted Tibor Tatár, CEO of Futureal. “The acquisition of Vision Towers and Advance Tower proves the high standard of quality of Futureal Group’s developments that we will continue to guarantee for our partners in the future. Futureal Group has been committed to developing all of its future office buildings according to WELL Building standards, since the health of the employees working in the building must be a key priority during planning.”
“The recent agreement is a new milestone in a tried-and-tested professional relationship that will further strengthen our unique real estate portfolio,” stressed Balázs Pázmány, chairman of the managing board at Erste Asset Management. “State-of-the-art solutions provided by Advance Tower and its international tenant portfolio provide us with innovation and stability for the long term.”