WING is fortunate to have the support of two esteemed partners: Poland's largest real estate developer, ECHO Investment, listed on the Warsaw Stock Exchange, and BAUWERT, the leading Ger- man residential and commercial property developer. The company has a presence in a number of segments within the real estate market. Considering the company's 25-year history, it would be particularly enlightening to gain insight into their market strategy. We are therefore delighted to present our interview with Mr. Noah Steinberg, CEO of WING Zrt.

Let's first look beyond the borders to finally focus this conversation on domestic real estate developments. WING is, without exaggeration, one of the iconic players in the market. At what stage in the company's development did you decide to venture into the Central and Eastern European region? What experiences have you gained during this time that differ from those in Hungary?

Noah STEINBERG: WING has always had the goal of expanding beyond the domestic market to become a significant player in Europe and to achieve strong results at the international level. I believe that our expertise has provided us with the internal conditions to pursue this goal, and we have made this decision based on two main considerations. One of the lessons learned from the 2008 crisis is the value of geographical diversification. Regional markets have demonstrated resilience and adapted to the changing market dynamics in different ways. The other factor to consider is that the Hungarian market is relatively limited even in healthy economic years. This means that we have more human and financial resources than we can deploy in Hungary, and it would be beneficial to explore other markets to make the most of them.

Naturally, we considered several markets in our decision-making process. The Polish market, with its estimated value of €40 million, appeared to offer the most promising opportunity for our initial expansion. The fact that ECHO Investment, a company listed on the Warsaw Stock Exchange, has a presence in seven major cities, a robust management structure, and a corporate culture that aligns with ours, represented a significant advantage. We then turned our attention to Western Europe, where we were fortunate to identify a promising opportunity in Berlin. We were also pleased to find a highly capable local team and a range of promising projects. The markets are different in many respects, and our focus is also somewhat different. In Poland and Germany, we focus more on residential and office development, while in Hungary, we have a broader scope, with a strong presence in the hotel, retail, and industrial/logistics segments. Nevertheless, we endeavor to adhere to a consistent corporate philosophy and values across all our operations.

It would be remiss of us not to mention that this is not the first time the company has contributed to the urban development of Budapest. It would be fair to say that Dózsa György Road has not been a priority for real estate developers for some time. It is worth noting that WING has initiated several notable developments in this area. If I may enquire, what is the reason for this decision?

On the one hand, the Liget Center is situated in a highly convenient location in the heart of Budapest, adjacent to the Városliget. It has excellent public transport and service connections, which we believe are an essential requirement for a real estate develop- ment. On the other hand, in its role as a leading real estate company, WING is committed to preserving the Hungarian architectural heritage that is an important part of the city's identity, while also seeking to enhance it with new functions that can benefit the economy and the community. At the same time, it is worth noting that the renovation genre is an approach based on circularity and sustainability that is less harmful to the environment. It is our hope that we can play a role in revitalizing buildings that have been neglected but have potential. The Liget Center is a listed building complex that has undergone a transformation into a sustainable office complex, which now serves as the new downtown headquarters for RTL. We are proud to say that this is the first WING-developed office building where we have managed to transform a 70+ year old building into a near-zero energy building. It is quite uncommon in the domestic office building market for a listed building to meet all the criteria for energy efficiency after renovation, and we are particularly proud of this achievement.

We believe the Liget Center project offers an excellent illustration of how historic preservation and modern development needs can be harmoniously intertwined. I would be interested to know if there are plans for further developments at this location, in addition to the exemplary renovation of the building elements that were inaugurated this year.

We are excited to announce that the Liget Center project will reach its final form with the premium Vitrum building, which will be completed to shell and core standard and stand out in the market with its clean, elegant appearance, when it opens in autumn 2024. Vitrum may be an excellent option for those seeking new office space in a distinctive setting within the city center.

Our HOP Technology Office Park project is conveniently located just a few minutes from the nearby Városliget. It thoughtfully combines the functions of a technology campus and an office park. It strives to provide an integrated environment where technology, manufacturing, logistics, and R&D activities can work in harmony with office functions. The campus includes a number of industrial heritage buildings, and we are exploring the possibility of launching two new buildings. In the same year, we also anticipate the completion of the second phase of Liberty, which will offer cutting-edge technical office space on demand in the increasingly popular South Pest office market, conveniently located next to Népliget and the Telekom Campus.

It seems a natural fit that the two market leaders would join forces. How did RTL and WING first become acquainted with one another?

RTL had issued a tender for the development of its new headquar- ters through its appointed brokerage agency, which invited real estate developers to apply. They were seeking a location that would be convenient for business and allow for easy access to the city's main thoroughfares. At WING, we felt an instant connection when we reviewed the proposal. Our company has a distinctive background in complex property development, with a focus on aligning solutions with specific client needs. This expertise has become a central aspect of our business. We have had the privilege of building headquar- ters for a number of esteemed clients, including Magyar Telekom, Ericsson, GE, Allianz, and many more. We are pleased to announce that RTL has entered into a long-term lease agreement for their new base in the Liget Center. WING will continue to own the building.

After the renovation was completed to RTL's satisfaction, our winning bid resulted in a modern, A+ category media complex in the Liget Auditorium building overlooking the Városliget Alley. This building also houses RTL Hungary's news directorate and news studios. The Liget Center Classic building on Dózsa György Road was used for office functions.

Another important objective was to design a new workspace concept that encourages collaboration, facilitates the rapid exchange of information, and supports creative working for the 500 RTL Hungary employees who will be working here. We also drew on the experience of remote working gained during the pandemic to inform this concept. Additionally, we were tasked with developing areas requiring special technologies that meet strict security requirements.

This year marks a significant milestone for WING Zrt. as we commemorate the 25th anniversary of the company's foundation.

How might one encapsulate the accomplishments of this quarter-century?

Over the years, we have been fortunate to play a role in a number of significant developments. Our projects have contributed to shaping the image of Budapest, while the modern real estate market has gradually emerged and developed in parallel. In addition to the delivery of these projects, we have always had to be adaptable in dealing with the ever-changing real estate market. Despite these changes, our core values, professional approach, and priorities have remained consistent. We have always striven to create value for our clients and the wider community. The developments we have been involved in have contributed to the growth and development of urban areas and the built environment in both functional and architectural terms. We are proud to have developed HUF 750 billion in Hungary, building 1.35 million square meters of space, which represents 52 buildings. We are pleased to share that, on average, we have delivered more than two new projects per year for each year of our operation.

In addition to our office projects, we are also proud to include industrial, retail, hotel, and residential properties in our portfo- lio. Among these are well-known buildings such as the Ibis Hotel at the airport, Building C of Corvinus University, the Gobuda Mall, the Hegyvidék Shopping Center, and the Kassák residential complex. Over the past 25 years, the Group has also grown into one of the leading real estate companies in Central Europe, with a significant international presence. We are proud to have developed a total of 5.5 million square meters of real estate in Germany, Poland and Hungary.

Could I ask what your prospects and expectations are for the next few years?

It seems likely that adapting to different trends will continue to be essential, whether it's ESG, artificial intelligence, or Generation Z's expectations for the property development sector. We must continue to strive to create buildings that meet the needs of their users and the ever-changing expectations of those users.

Nonetheless, there are factors that remain constant, which we can build on. It would be prudent to consider these factors, as popular themes can sometimes distract from or even mislead about the core issues. I am confident that WING will be able to adapt to these changes and that our expertise and market experience will enable us to progress with our strategic goals.

The publication was commissioned by WING and was not released for commercial distribution.