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Daikin Opens New Showroom in Promenade Gardens

7/1/20

Daikin Hungary set up its state-of-the-art showroom on a 309 sqm ground floor retail area in Tower ‘B’ of Promenade Gardens office building.

Park Atrium office building managed by Horizon Development

5/30/19

Horizon Development Ltd. is taking over the property management, redevelopment, leasing and marketing tasks of Park Atrium office building as of 1 June 2019.

New Business Development Director at Horizon Development

5/9/19

Horizon Development, the premium Hungarian real estate developer, announced the appointment of Tamás Ádány – former CEO of OTP Real Estate Plc. – to the newly created position of business development director.

Szervita Square Building. Pre-leased by SPACES, Financed by UniCredit Bank Hungary

1/25/19

Year-end of 2018 brought two major developments for Szervita Square Building, a LEED Platinum certified, sustainable multi-purpose commercial and luxury residential property to be handed over in 2020 by Budapest-based Horizon Development.

Electrolux finds competitive advantage in Promenade Gardens

9/4/18

Market leading professional and household appliances company Electrolux set up its new 1,730 sqm Hungarian headquarters this month in Promenade Gardens, the most technically advanced office building recently completed on the Váci office corridor of Budapest.

Celanese and Citibank choose Promenade Gardens office building owned by Erste Real Estate Fund

6/4/18

Anchor tenant Celanese was the first to move into just completed Promenade Gardens office building last week, now occupying their new 4,200 sqm headquarters. They will soon be followed by Citibank Europe, as the Hungarian Branch Office of the global bank is setting up its new 8,000 sqm Budapest office from 1 December in the A+ category property owned by Erste Open-Ended Real Estate Fund and developed by Horizon Development.

OTP LAB starts R&D activity in Váci 1

12/20/17

Central and Eastern Europe’s regional provider of top financial services – OTP Bank – set up a new, 450 sqm research and development center in the prestigious downtown building of Váci 1. The innovative office features a special education center, project rooms and a lecture hall. OTP LAB (OTP Bank’s retail innovation hub) started its activities on the 4th floor of the UNESCO World Heritage listed building in December 2017.

Exceptional yields confirm Eiffel Palace’s market value

8/8/17

Heritage protected Eiffel Palace – originally constructed in 1893 – was sold twice within the last three years, both times at the best yield in the Hungarian property market. The National Bank of Hungary (MNB) purchased the building directly from the developer (Horizon Development) three years ago in August 2014 at a price of €45.3M, with an approximate yield of 6.5%, and resold it in August 2017 to Luxembourg-based Corpus Sireo Real Estate investment fund for €53.8M, at a yield around 5%, generating an almost 20% profit on the deal.

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