ERSTE Real Estate Fund Acquires Promenade Gardens
Promenade Gardens – the most technically advanced office building recently completed on the Váci corridor – changed owners on 1 August 2018, when ERSTE Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development. The new, sought-after, dual certified sustainable asset of 25.000 sqm has already been chosen by a prestigious line of international tenants such as Celanese and Citibank, with more signed deals to be revealed soon.
Balázs Pázmány FRICS, President of the Board at ERSTE Asset Management highly valued the recently closed deal and emphasized: “ERSTE Real Estate Fund is always on the quest for top technical quality buildings in our home market. Promenade Gardens stands out among our recent acquisitions. Our fund placed great trust in Promenade Gardens from the very beginning of the project in 2016, and we continued to follow the development progress closely before taking over ownership. Now I am proud to share that this state-of-the-art building – that rightfully prides itself in technical excellence, energy and water efficiency, environmentally conscious solutions and top aesthetic choices – belongs to our portfolio. We look forward to managing this gem of a property with the utmost care and service-minded mentality towards our tenants.”
On behalf of the property’s developer Attila Kovács MRICS (Managing Partner, Horizon Development; Vice President, Real Estate Developers’ Roundtable Association) also elaborated on the deal: “We believe that our dedicated efforts towards creating a world-class building on the Váci corridor have been confirmed by the fact that ERSTE Real Estate Fund has chosen our development as a top investment product with high returns and a long-term value. We had a unique approach aiming at creating workspaces that revolve around their users’ wellbeing, comfort and productivity, but we also carefully considered the environment, the larger social context and our responsibility towards the future when designing and building Promenade Gardens. We are absolutely convinced that ERSTE Real Estate Fund will also see how this added architectural value and commitment towards the environment translates into the asset’s long-term lovability and profitability.”
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