Futureal Group and Erste Bank sign EUR 45 million credit agreement
Futureal Group signed a credit agreement of EUR 45,1 million with Erste Bank Hungary Zrt. in order to finance the realization of the Corvin 5 office building. The first phase of the building featuring the most modern, environmentally friendly technological solutions is expected to be handed over at the end of 2018
Erste Bank grants credit of more than EUR 45 million with a repayment period of 10 years for Futureal Group’s Corvin 5 office building that will be realized in two phases. The building complex valued at EUR 90 million will be the latest and also the final member of the Corvin Promenade office building project. The 27,000 square meter office complex will be located in the eastern closing block of Corvin Quarter in the immediate vicinity of Skypark, which was finished last year. The first phase of Corvin 5 will offer 14,200 square meters of GLA, while its second phase will have 12,800 square meters of GLA.
The ‘A’ category office building was designed according to the latest international standards. Corvin 5 fulfills the highest sustainability requirements, given its energy saving solutions. Additionally, the office building can be among the first to obtain the Well Building Standard certification in Hungary, which is based on aspects that have a positive impact on the health and well-being of employees. When building the office complex, a huge emphasis was put on designing the green environment, thus, an inner garden will be on the ground floor of the building and the office building will also get a roof terrace. Features that are crucial for tech companies, such as, higher electrical capacity and dual power supply providing continuous, uninterrupted operation, received special attention. In front of the office building, an urban space with statue, fountain and seating features awaits passersby. Around Corvin 5, nearly 100 shops, restaurants, cafés, a fitness-wellness center, laundry, post office, bank offices and a cinema can be found.
“The credit agreement signed with Erste Bank guarantees the successful realization of Corvin 5 office building. The complex, which will be equipped with forward-looking technological solutions, is going to be one of the most distinctive buildings of the Corvin Quarter. With Corvin 5 the total GLA of the Corvin offices will reach 100,000 square meters” – said Gábor Futó, founder of the Futureal Group.
“Following the refinancing of the Corvin Corner, the credit agreement, which has been signed in order to finance Corvin 5, further strengthens our decade-old, outstanding partnership with the Futureal Group. For Erste Bank, the commitment towards financial cooperation and value creation is extremely important” – said Zoltán Balázs, Head of Real Estate and Structured Finance at Erste Bank.
About Futureal Group
Futureal is one of the leading real estate developers and investors in Central and Eastern Europe and is among the top 20 largest real estate developers in Europe. Over the last 12 years the Futureal Group has developed over 600,000 square meters of real estate projects with a total value of EUR 900 million. One of the Futureal Group’s most outstanding projects is Corvin Promenade, the largest inner-city urban regeneration project in the CEE region. In 2010, the project received the European Commercial Property Award for the Best Mixed Use Development of Europe and in 2014, the company received the Urban Land Institute’s (ULI) Global Award for Excellence.