Hungarian real estate developer and investor Wing Plc. has acquired the Airport City logistics park, a business facility located next to Budapest’s Ferenc Liszt International Airport.
The park is situated on a nearly 12-hectare plot of land comprising 44,000 square meters of modern warehouses and 8,000 square meters of office space in six existing buildings and one building under construction, Wing Plc. said in a statement sent to the state news agency MTI on Friday.
According to the company, the transaction with CPI Group will enable the real estate company to strengthen its position in the Budapest industrial and logistics market with a premium quality industrial park. The transaction was completed at a record low yield of 5.6%, the statement said.
Airport City fits well into Wing's existing real estate portfolio, as the company has already completed several previous investments in the area around the airport, according to the statement. These include the ibis Styles Budapest Airport Hotel, located next to Terminal 2, and the country's state-of-the-art pilot and flight attendant training center, which was built nearby for the budget airline Wizz Air.
In addition to the newly acquired logistics park, Wing's industrial portfolio also includes the East Gate and East Gate PRO, as well as the Login business parks.
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