Property developer Futureal sells Advance Tower to Erste Real Estate Fund in Hungary

Property developer Futureal Group has sold its Advance Tower located on the Váci road office corridor to Erste Real Estate Fund. This is the first transaction in the Hungarian market, which includes a WELL pre-qualified office building having a beneficial impact on employees’ health and comfort. The real estate fund has acquired the first phase of the complex developed by the group, while the second phase could join its portfolio under a forward deal.

The first phase of the Advance Tower has already been occupied by tenants with 1,400 employees last year. The 8-storey, category “A” office building has been chosen by prestigious companies such as KPMG Global Services consulting company and Thermo Fisher Scientific, the world’s leader in serving science. The second phase with a GLA of 8,000 sq m will expand the complex to a total GLA of over 20,000 sq m, handover is expected in the second half of 2019.

The transaction of the first phase of Advance Tower was completed in April this year, and the parties entered into a pre-agreement to purchase the second phase.

Advance Tower has been awarded BREEAM certificates and the office complex has been designed and will be operated according to the WELL Building Standard™. Futureal Group is the first European property developer with three projects receiving WELL Platinum Precertification at the same time. The purpose of the WELL certification is to create office buildings that, in addition to protecting the environment, have a beneficial impact on employees’ health, well-being and comfort.