Key Takeaways
- • Skanska divests second phase of H2Offices in Budapest to ERSTE Open-Ended Real Estate Investment Fund for EUR 98 million (approximately SEK 1.1 billion), with transaction recorded in Q3 2026 and property transfer scheduled for Q4 2027.
- • The 22,000 square-meter office building is fully pre-leased to a single global corporate tenant under a 10-year lease agreement, eliminating vacancy risk at completion.
- • Phase two targets LEED Platinum, WELL Platinum, and Access4You Gold certifications, reflecting strong demand for sustainable office space in Budapest's Váci Office Corridor.
- • This represents the sixth office acquisition by the ERSTE fund from Skanska in Hungary, signaling continued institutional appetite for CEE real estate and deepening partnership between the two entities.
- • Upon completion of all three phases, H2Offices will comprise approximately 67,000 square meters of modern office space, positioned as a flagship sustainable development in one of Budapest's premier business districts.
Summary
Skanska has completed the divestiture of the second phase of its H2Offices office complex in Budapest to the ERSTE Open-Ended Real Estate Investment Fund, represented by ERSTE Alapkezelő Zrt., for EUR 98 million. The transaction will be recorded by Skanska Commercial Development Europe in the third quarter of 2026, with legal transfer of the property scheduled for the fourth quarter of 2027.
The second phase comprises 22,000 square meters of leasable space and has achieved full pre-leasing to a major global corporation under a long-term 10-year lease agreement prior to completion. The building is currently under construction with completion scheduled for Q1 2027. This pre-leasing structure substantially reduces lease-up risk and provides income stability for the acquiring fund from project inception.
H2Offices is strategically located in Budapest's Váci Office Corridor, recognized as one of the city's top business locations. The three-building complex prioritizes sustainability through advanced building systems including four-season heat pumps, rooftop photovoltaic panels, and optimized primary energy demand design. Phase two is pursuing LEED Platinum, WELL Platinum, and Access4You Gold certifications, reflecting institutional investor preference for ESG-compliant assets in emerging European markets.
This transaction marks the sixth office property acquisition by the ERSTE fund from Skanska in Hungary, indicating an established track record of collaboration and institutional confidence in Skanska's development pipeline across the Central European region. Upon full completion of all three phases, the H2Offices complex will deliver approximately 67,000 square meters of modern office space within a landscaped environment at one of Budapest's busiest business hubs, positioning it as a marquee asset for the ERSTE fund's Hungarian real estate portfolio.
The second phase comprises 22,000 square meters of leasable space and has achieved full pre-leasing to a major global corporation under a long-term 10-year lease agreement prior to completion. The building is currently under construction with completion scheduled for Q1 2027. This pre-leasing structure substantially reduces lease-up risk and provides income stability for the acquiring fund from project inception.
H2Offices is strategically located in Budapest's Váci Office Corridor, recognized as one of the city's top business locations. The three-building complex prioritizes sustainability through advanced building systems including four-season heat pumps, rooftop photovoltaic panels, and optimized primary energy demand design. Phase two is pursuing LEED Platinum, WELL Platinum, and Access4You Gold certifications, reflecting institutional investor preference for ESG-compliant assets in emerging European markets.
This transaction marks the sixth office property acquisition by the ERSTE fund from Skanska in Hungary, indicating an established track record of collaboration and institutional confidence in Skanska's development pipeline across the Central European region. Upon full completion of all three phases, the H2Offices complex will deliver approximately 67,000 square meters of modern office space within a landscaped environment at one of Budapest's busiest business hubs, positioning it as a marquee asset for the ERSTE fund's Hungarian real estate portfolio.
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