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Erste fund snaps up Mill Park

Alex Hayes 08 August 2018

Alex Hayes


+48 22 356 25 20

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Erste fund snaps up Mill Park
Mill Park is being developed to comply with LEED ‘Gold’ certification requirements
HUNGARY Skanska has sold Mill Park, a two-building office project in Budapest to Erste Alapkezelő, a real estate fund of Erste Asset Management.

This is the fund’s second acquisition from Skanska in Budapest with the first being the purchase of the Nordic Light building in 2016.

Mill Park comprises over 36,000 sqm gla in Budapest’s ninth district. The property, which is to be completed in Q3 2018, is already 80 pct pre-leased to a number of tenants including IT Services Hungary. Mill Park is being developed to comply with LEED ‘Gold’ certification requirements.

“This is our second office deal with Erste in Budapest over the last two years. Such long term cooperation with a trustworthy partner is of a great importance to us. Mill Park will be our eighth office development in Budapest. In Budapest as well as in other cities, we respond to specific local office demands by building, leasing and selling offices,” stated Adrian Karczewicz, the head of divestments at Skanska

“The acquisition of Mill Park results from our intent to increase the size of the fund’s real estate portfolio with newly built class A office buildings. This transaction provides the fund with a defensive, sustainable long term income so it serves the interests of our investors well,” said Balázs Pázmány, the chairman of the board at Erste Asset Management.

The Mill Park development also includes a 5,500 sqm garden, an outdoor gym and outdoor workspaces with electric sockets and WiFi.

During the negotiations Skanska was advised by Cushman & Wakefield with legal advice from Dentons, while NGYL Partners gave legal advice to the purchaser.

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