WING acquires historic downtown buildings
2022-07-11
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.
