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WING to sell two office buildings

By 2021.04.28. May 3rd, 2021 No Comments

WING to sell two office buildings

WING has signed an agreement for the sale of two office buildings it has developed. Both located in Budapest, the Ericsson and the evosoft headquarters buildings are LEED Gold certified for environmental design and were built to meet the highest standards. The transaction fits with WING’s years-long international growth strategy, as the company aims to become a key market player in the region’s real estate market. WING is focusing on continuing to expand its business operations, property development and investment activities in the region.

WING – one of Hungary’s largest real estate companies and a defining player in the region – is selling Winmark Ingatlanfejlesztő Kft., WING’s project company. Winmark is the sole owner of the Ericsson and the evosoft headquarters in Budapest. Environmentally friendly and built to the most exacting standards, both buildings were developed by WING. The company signed the purchase and sale agreement with Global Trade Center (GTC) Real Estate Hungary Zrt. on 27 April 2021. The transaction is expected to be closed in the second quarter of 2021 at the latest.

The two office buildings are located on the Danube bank. Completed in 2018, the Ericsson headquarters building is one of the most modern office buildings in Hungary. In addition to offices, the building is also home to one of the Swedish company’s largest R&D centres. With 21,100 sqm of floor space, the building incorporates high-tech and high-end finishes and solutions that meet all of the demands of the present and the future, including even the strictest environmental criteria, as it is LEED Gold certified. The evosoft headquarters building is WING’s newest property development project, delivered in late 2020 and comprising a floor space of 20,700 sqm. It is one of the most innovative office buildings in Hungary, housing research and development functions, and has also been awarded LEED Gold certification, enabling evosoft Hungary – a Siemens subsidiary – to provide employees with a sustainable and people-centric 21st century working environment.

“WING aims to create world-class buildings that provide an inspiring environment for its partners while creating long-term value. The Ericsson headquarters – completed in 2018 – and the adjacent evosoft headquarters – handed over at the end of 2020 – are perfect examples of this ambition. Both buildings are environmentally conscious and LEED Gold certified; they are among the most innovative office buildings in Hungary; and they are new landmarks on the banks of the Danube in Budapest. The transaction of the Ericsson and evosoft headquarters buildings is in line with our company’s growth strategy over recent years, which aims to become a significant market player in the international real estate market. Therefore, we focus our operation on regional expansion as well as on our property development and investment activities. WING is active in all real estate market segments, whether it is residential properties, office buildings, industrial properties, shopping centers or hotels in Hungary, or – via its subsidiary Echo Investment – offices and residential projects in Poland.” said Noah Steinberg, Chairman & CEO of WING. Steinberg added: WING is currently active in every segment of the real estate market: developing offices, industrial properties, hotels, shopping centres and residential projects in Hungary; and is, through Echo Investment, a market leader in the residential sector and a significant market player in the office market in Poland.

WING is one of Hungary’s largest property businesses with a significant presence in the regional property market. In the more than 20 years since its establishment in 1999, the company has developed some 1.3 million sqm of real estate in Hungary. The company’s most recent developments include Magyar Telekom’s new headquarters – the country’s most modern and largest single-complex new office building –, the Ericsson and Siemens-evosoft headquarters on the Danube, Gizella Loft and the Kassák Residence residential park. Developments in progress include the EuroCenter shopping mall, Liberty Offices and the BB Hotel, as well as residential projects Kassák Passage, Park West I and II and Metropolitan Garden. The two industrial parks owned by WING, East Gate Business Park and Login Business, are also undergoing expansion with the addition of new halls. Already completed projects include the ibis Styles Budapest Airport Hotel, the Wizz Air training centre, Skylight CITY offices, E.ON headquarters, the Studium Office Building, Átrium Park, the new headquarters and production base of the Hungarian Public Service Television Foundation, the Allianz headquarters building, the WING’s own HQ building, Máriássy House, and the three office buildings located at Millenáris Park.