WING buys Airport City Logistics Park
WING has bought Airport City Logistics Park located in the neighbourhood of Budapest Liszt Ferenc International Airport and including about 44,000 square metres of modern warehouse buildings and eight thousand square metres of office area. Through the transaction concluded with CPI group, one of Hungary’s largest property development companies further strengthens its position with a high quality industrial park in the Budapest industrial and logistics market. The transaction was carried out at a record low, 5.6% yield.
WING has bought Airport City Logistics Park located in the neighbourhood of Budapest Liszt Ferenc International Airport and near Üllői út. The business park in an approximately 12 hectare area contains almost 44,000 square metres of modern warehouse buildings and eight thousand square metres of office area in six buildings already functioning and one under construction.
Due to the outstanding technical condition and high standards of operation of CPI, as well as its proximity to Liszt Ferenc International Airport, the logistics park is in high demand among tenants, which is reinforced by a continuously high occupancy rate and a strong international mix of tenants.
In line with its premium quality the transaction was carried out at a 5.6% yield, which is the lowest ever rate in the Hungarian industrial and logistics property market. During the transaction the buyer was represented by the law firms Dentos and CBRE, and the seller by the law firm DLA Piper.
Airport City fits well into WING’s existing real estate portfolio, as the company has already had a number of development projects in the area, the neighbourhood of the airport. These include ibis Styles Budapest Airport Hotel next to Terminal 2, or Hungary’s most modern training centre for pilots and flight attendants built nearby for Wizz Air. In addition to the logistics park now purchased, WING’s industrial portfolio also includes East Gate and East Gate PRO, as well as Login business parks. Therefore, this transaction will strengthen the company’s position in the Budapest industrial and logistics market, as well.