Lakatos, Koves and Partners has advised Prologis on the acquisition of Prologis Park Budapest-Ullo, the 37,500 square meter Auchan-occupied building in Budapest.
The “high-quality logistics facility," which is located in the vicinity of the Budapest Airport and the Budapest ring road M0, 30 kilometers from the Budapest city center, is — according to a firm press release — "100 per cent leased."
LKP Partner Attila Ungar, head of the firm’s Real Estate Practice, believes the deal as an encouraging sign. "Hungary is over the crisis in the Real Estate market, Ungar said. "Expectations are rising and transactions are happening. Deals like this mark a change from the crisis management that we have seen in recent years."
An LKP press release states that, “the deal was made by Prologis European Properties Fund II, established in August 2007, which is one of four European co-investment vehicles managed by Prologis. As of March 31, 2014, the Fund owned 253 properties, for a total of 5.9 million square meters with a net market value of EUR 3.595 million. Prologis owns and manages approximately 3.7 million square meters of logistics and distribution space in Central & Eastern Europe."
