S IMMO AG: Letting success in Budapest
New tenants and renewals in Hungary
After several very challenging years on the Budapest office real estate market, stock exchange listed S IMMO AG has increasingly seen positive signs of late. The fact that the reversal finally materialised in 2015 is confirmed by the figures: Leases were extended for more than 8,000 m² of space, and new leases were signed for 8,000 m². In addition, the Blue Cube office building was awarded BREEAM certification with a rating of “Very Good” in Building and Asset Management categories.
The largest tenant in the recently renovated River Estates expanded its existing space by more than 1,200 m². A well-known international tenant, Danone Magyarország, was also found for an additional 1,100 m². The government educational institute Educatio extended its lease for 4,500 m² in another building owned by S IMMO. In addition, Samsonite and an international branding agency joined the ranks of S IMMO’s tenants in Hungary this year.
Friedrich Wachernig, Member of S IMMO AG`s Management Board, is excited by these developments: “Our Team has put a great deal of energy into the Budapest market in recent years. We have continuously optimised our properties and made them competitive with very attractive concepts. It pleases me to see that these efforts are now bearing fruit. It’s always a good sign when tenants extend their leases and expand their space – not only for our properties, but for the entire Budapest market.”