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GTC acquires Budapest office building (HU)

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GTC has decided to extend its Hungarian portfolio with the new development, the Vaci Greens D office building in Budapest. The transaction is partially financed from the green bonds issued in 2020 and is in line with the Group strategy to invest in a sustainable portfolio of commercial buildings located in the CEE capitals. Just a few weeks before the publication of the 2020 financial results, GTC demonstrates the Group’s strength as well as a unique ability to seize new opportunities during the challenging times of the COVID-19 pandemic. New acquisition, Vaci Greens building D offers 16,027m² of modern space that meets tenants’ highest convenience standards during daily work with all necessary amenities present including an attractive terrace area, various retail units such as restaurants or fashion brands as well as 246 parking spaces. Some funds for the purchase came from the issuance of green bonds. The building fits into GTC’s sustainable portfolio of green developments that ensure tenants’ health and well-being. The Vaci Greens D office building complies with the BREEAM requirements, achieving the “Excellent” certification in its design. The acquisition will be partially financed from green bonds issued at the end of 2020.

 

“Last year we have sold one of our long-lasting assets, Spiral office building. Seeking new opportunities on the market, we decided to acquire Váci Greens D located in Budapest, which fits our portfolio and meets our requirements in terms of modern and sustainable A-class projects. We consequently continue our strategy, offering our tenants the highest standards that now in the pandemic are needed more than ever before,” commented Yovav?Carmi, President of the Management Board of GTC.

 

The property is a part of the larger office complex located in the “office corridor” of Budapest. It distinguishes with excellent communication links by metro and the major artery of Vaci ut. The office building is almost fully occupied with reputable prime tenants including Unilever, AVON, and Ford.

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Hotel Indigo debuts in Austria

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Hotel Indigo opened its first hotel in Austria, Hotel Indigo Vienna – Naschmarkt. Located a short walk from the city’s historic center, the hotel offers 158 guest rooms, a rooftop garden resembling an urban jungle, a restaurant, and a lobby bar.

 

Taking inspiration from a famed local architect, Otto Wagner, a key member of the Secessionist movement, guests will find touches of gold used throughout the fixtures in the bathrooms as well as intricate patterns, made famous by Otto, woven into the carpet design in the hallway, and the tiles behind reception. Otto’s love for gold, Art Nouveau design, and ornate patterns can also be seen at famous local buildings such as the Majolikahaus, a short walk from the hotel. From ground level, the building looks innocuous, but as guests look skywards, they will see the top floors are decorated with exquisitely sumptuous floral motifs in brightly colored porcelain and gold leaf, a hallmark of the new style.

 

Stefanie Augustin, General Manager, Hotel Indigo Vienna – Naschmarkt, commented: “We are pleased to open our doors and accept our first guests into the first Hotel Indigo in Austria. We sit in the heart of the surrounding neighbourhood and strive to make all the locals proud, by helping to bring a bit of that external story in so guests can truly experience what Vienna has to offer.”

 

 

 

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Tolent secures Newcastle resi project (GB)

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Tolent will put up 135 ‘ultra-modern’ system-build homes, with designs selected from an architectural competition. Sunderland’s new Vaux neighborhood, being built on the site of an old brewery, will eventually have 1,000 homes, according to the plans, as part of a drive to double the number of people living in the city centre. The homes will stand alongside The Beam and City Hall – the latest development to rise from the ground at Riverside Sunderland. Construction work on the scheme is expected to start within weeks, forming the first of the new distinct neighbourhoods that will create city centre housing for up to 2,500 residents.

 

The properties are based on the winning designs in the Homes of 2030 competition, which was launched in March 2020, and managed by the Royal Institute of British Architects, to encourage the design of environmentally-friendly homes that support people in leading independent, fulfilling lives as society ages.? Construction work on the development is due to start this summer and the first tranche of homes should be completed by the end of 2023.

 

Sunderland City Council leader Graeme Miller said: “We’re absolutely thrilled to have taken this final step to get work started on our flagship residential scheme at Riverside Sunderland. The housing developments on Riverside Sunderland will be world-class, and Tolent is an ideal partner to deliver them, based locally and capable of building these aspirational homes.”

 

Tolent chief executive Paul Webster said: “Vaux neighbourhood is an amazing project that showcases the strides being taken in Sunderland to modernise the city centre. The world-class houses being built will provide a community fit for the future and an archetype for sustainable housing. As a truly local business, we are proud to be involved in the project and to showcase our ability to meet and exceed the capabilities of national contractors on a local level. The project will complement a number of local landmarks that we have constructed including The Beam, Beacon of Light and Echo Building. We have been working closely with the entire team since being appointed preferred bidder back in September and we can’t wait to get started.”

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BlackRock acquires Dagenham urban logistics development (GB)

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A joint venture (JV) between Chancerygatea fund managed by Credit Suisse Asset Management, and Hines has forward sold a 172,000ft² urban logistics development in Dagenham to a fund managed by BlackRock for an undisclosed sum. Dagenham Council has approved plans to speculatively build 15 Grade A urban logistics and industrial units at the development which is called Zephyr Park. The units range from 5,490ft² to 34,670ft² and are available leasehold and freehold. Construction is due to commence in August this year. The six-acre site was previously owned by wholesale electrical distributor Rexel UKSituated on Rainham Road between the A12 and A13, Zephyr Park is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed €348.5m (£300m) film and TV studios.

 

Chancerygate managing director, Richard Bains, said: “Zephyr Park will be an outstanding urban logistics development which will generate continued investment and job creation for Dagenham. Forward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also a testament to the high specification, a sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow. We look forward to working with Hines and BlackRock to deliver Zephyr Park and expect to achieve practical completion in summer 2023.”

 

Greg Cooper, Hines managing director, industrial and logistics, added: “We are pleased to have executed this opportunity to recycle this asset, with the value generated illustrating the unabating demand for high-quality logistics developments. It is an asset class which remains a key focus for Hines in the UK, and we are continuing to explore opportunities to grow our portfolio of both big box and urban facilities.”

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