S IMMO seeks to expand its Hungarian portfolio
Real estate investment company S IMMO, which is celebrating its 20th anniversary in Hungary this year, is looking to expand its portfolio in Hungary with thousands of square meters of class A, sustainable and people-oriented office space, according to a press release sent to Budapest Business Journal.
As an option, the company says it is also considering self-developed projects that are adapted to the growing needs of employees and which also improve the quality of life of local communities.
“By leveraging our vast experience and knowledge of the local market, we continue to shape the industry into the future. In Hungary, we are committed to delivering projects of high quality, sustainability, well-being, innovative solutions and services that will define the market. for the next 20 years. We are convinced that the first announcement will be made shortly ”, underlined Géza Barabás, country manager of S IMMO Hungary.
S IMMO AG, based in Vienna, began its expansion in Central and Eastern Europe at the turn of the millennium, entering the Hungarian market in 2001 after the Czech Republic. Over the past two decades, its Hungarian subsidiary S IMMO Hungary has held a portfolio of offices and hotels of over 110,000 m², which includes the premium category Blue Cube, Buda Center, City Center, Podium, Maros BC and River Estates, as well as the Budapest Marriott Hotel. Last year, S IMMO Hungary had more than 70 tenants in Budapest.
“During the first two decades, S IMMO achieved a stable presence in the market and created an attractive and exciting real estate portfolio in Hungary, which has proven its value on several occasions. As a result, the group has become a recognized and reliable industrial player in Hungary of which we are very proud “, said Friedrich Wachernig, MBA, member of the management board of S IMMO AG.
The group owns buildings with a total area of approximately 1.3 million m² throughout the European Union with an occupancy rate of 93.2% and an overall rental yield of 5.1% as of June 30, 2021. Its total turnover reached around 91 million euros for the first six months of 2021 and nearly 174 million euros for 2020.
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