Futureal sold its Corvin office buildings in Budapest to real estate fund managed by OTP

Futureal Group, operating in Romania through the residential developer Cordia, has sold its portfolio of Corvin office buildings in Budapest, Hungary, to a real estate fund managed by OTP Real Estate Investment Fund Management.

The recently closed transaction involves, according to Europe Real Estate, all of the operating office buildings built as part of Corvin Promenade, as well as two currently being constructed.

The eight class A buildings offer a combined GLA of nearly 80,000 sqm. The purchase price was not disclosed.

At the beginning of 2017, OTP Real Estate Investment Fund Management has launched its OTP Prime Real Estate Investment Fund, which aims to invest in class „A” real estate properties.

In April 2017, the fund has acquired Futureal Group’s 25,000 sqm Skypark office building development, the first element of the eastern closing block of Corvin Promenade.

“This transaction is a significant milestone in the development of Futureal Group and in the 15-year-old history of Corvin Promenade. The promenade, a symbol of Budapest’s development continues to act as a bridge between the successful past and promising future of our group. We are certain that the Corvin Offices are in competent hands and the agreement now concluded will further strengthen our excellent professional relationship with OTP Group. The resources released will provide a solid basis for further development of Futureal Group. Over the years the company has become a leading real estate developer and investor in Central and Eastern Europe. Currently, we are managing over 30 projects simultaneously, with a total value of EUR 1 billion and a gross area of over 700,000 sqm,”said Gabor Futo, founder of Futureal Group.