Key Takeaways
- • Skanska divested the second phase of its H2Offices complex in Budapest to ERSTE Open-Ended Real Estate Investment Fund for €98 million (approximately SEK 1.1 billion), marking the fund's sixth office acquisition from Skanska in Hungary.
- • H2Offices Phase II comprises approximately 22,000 square meters of fully leased office space located on Budapest's Váci út office corridor, with the entire building pre-leased to a single global blue-chip company under a 10-year lease agreement—the largest speculative office lease in the Hungarian market over the past decade.
- • The property is scheduled for completion in Q1 2027 and targets LEED Platinum, WELL Platinum, and Access4You Gold certifications, with renewable energy systems including four-season heat pumps and rooftop photovoltaic panels expected to reduce embodied carbon emissions by approximately 2,200 tonnes of CO₂ compared to conventional construction.
- • The transaction represents a strategic capital recycling move by Skanska in the Budapest office market, with ERSTE Alapkezelő Zrt. acting as the fund representative.
Summary
Skanska has agreed to sell the second phase of its H2Offices development in Budapest to ERSTE Open-Ended Real Estate Investment Fund for €98 million. The transaction, announced on September 25, 2026, marks the sixth office building acquisition by the ERSTE fund from Skanska in Hungary and reflects continued institutional investor appetite for premium office assets in Budapest's established business corridors.
The H2Offices Phase II property is situated on the Váci út office corridor, one of Budapest's key commercial real estate locations. The asset comprises approximately 22,000 square meters of leasable space, with 100% occupancy secured through a 10-year lease agreement with a global blue-chip multinational company. According to available sources, this represents the largest speculative office lease transaction executed in the Hungarian office market over the past decade, underscoring strong demand for institutional-grade office space in the capital.
Construction is currently underway with scheduled completion in the first quarter of 2027. The development prioritizes sustainability and operational efficiency, incorporating renewable energy technologies including four-season heat pumps and rooftop photovoltaic panels. The project targets triple-certified status—LEED Platinum, WELL Platinum, and Access4You Gold—reflecting a comprehensive approach to environmental performance, occupant wellbeing, and accessibility standards. Design specifications incorporating lower-carbon materials are projected to reduce embodied carbon emissions by approximately 2,200 tonnes of CO₂ relative to conventionally constructed buildings of comparable size.
The transaction reinforces ERSTE Open-Ended Real Estate Investment Fund's positioning as a significant acquirer of stabilized office assets in Central Europe, while enabling Skanska to redeploy capital from development operations. The fully pre-leased status of the property at point of sale mitigates lease-up risk for the institutional buyer and demonstrates the commercial viability of premium office development in Budapest's primary office markets.
The H2Offices Phase II property is situated on the Váci út office corridor, one of Budapest's key commercial real estate locations. The asset comprises approximately 22,000 square meters of leasable space, with 100% occupancy secured through a 10-year lease agreement with a global blue-chip multinational company. According to available sources, this represents the largest speculative office lease transaction executed in the Hungarian office market over the past decade, underscoring strong demand for institutional-grade office space in the capital.
Construction is currently underway with scheduled completion in the first quarter of 2027. The development prioritizes sustainability and operational efficiency, incorporating renewable energy technologies including four-season heat pumps and rooftop photovoltaic panels. The project targets triple-certified status—LEED Platinum, WELL Platinum, and Access4You Gold—reflecting a comprehensive approach to environmental performance, occupant wellbeing, and accessibility standards. Design specifications incorporating lower-carbon materials are projected to reduce embodied carbon emissions by approximately 2,200 tonnes of CO₂ relative to conventionally constructed buildings of comparable size.
The transaction reinforces ERSTE Open-Ended Real Estate Investment Fund's positioning as a significant acquirer of stabilized office assets in Central Europe, while enabling Skanska to redeploy capital from development operations. The fully pre-leased status of the property at point of sale mitigates lease-up risk for the institutional buyer and demonstrates the commercial viability of premium office development in Budapest's primary office markets.
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