WING acquires historic downtown buildings
WING, one of the leading property developers and investors of the Hungarian real-estate market and a significant player on the regional scene, has acquired two historic buildings in the CBD of Budapest, both with a potential for growth in value.
WING has acquired two historic buildings located in the Central Business District of Budapest, expanding the company group’s real-estate portfolio with valuable new assets. The first property at Andrássy út 93, in the Diplomatic Quarter, is an office building that serves as a great example for its time. In addition to its impressive exterior and an exclusive conference room under historic monument protection, the unique building also boasts an underground parking garage and a quaint interior courtyard. The second property at Báthory utca 12 was constructed in the early 1920s and houses offices. Both buildings are currently occupied by tenants with lease agreements valid for several years.
The purchase of the two historic buildings fits seamlessly with WING’s long-term strategy, which in addition to development projects, includes the expansion of the company’s real-estate portfolio through the acquisition of properties offering significant potential and representing considerable value. Moreover, the preservation of Hungary’s architectural heritage, which defines the image of Budapest, forms a part of the mission of the Hungarian-owned company.
Creating value through property development in Hungary is a core component of WING’s activities. In many cases, we accomplish this through the renovation and revival of our existing architectural heritage. This deal thus adds buildings with significant potential and functions directly linked to our activities to our real estate portfolio.
says Noah Steinberg, WING’s Chairman and CEO.
Property Awards: WING ranked 1st in 2 categories
Property Investment Forum brought us Property Awards again this year, celebrating the most significant achievements of the past 12 months. WING won the Real Estate Investment Transaction of the Year – Abroad category with the acquisition of the majority of Bauwert AG’s shares, and the Office Rental Transaction of the Year category with its agreement with Lightware on the lease of a building in HOP Technology Office Park.
WING completes its latest hall in East Gate PRO Business Park
East Gate Pro Business Park, WING’s latest industrial development project, has reached a new milestone with the delivery of hall A2 in phase two. An additional area of 9,100 square meters is now available in the newly completed hall building for production, assembly, fulfilment and warehousing purposes.
Building structure completed at Kassák Terrace, the third phase of LIVING’s Kassák project
LIVING’s Kassák Terrace residential development, the third and final phase of the 740-unit Kassák project, has reached its highest point. Located in District 13, at the intersection of Klapka utca and Kassák Lajos utca, just a short walk from Váci út, the residential park will have 246 apartments with AA+ energy rating and advanced, cost-effective technical solutions. The construction work at Kassák Terrace is on schedule, with handover – and the completion of the whole Kassák project – expected in the first half of 2025. Sales of the third and final phase apartments have already started.