Atenor divests office building in Budapest

Belgian-listed real estate developer Atenor has sold its BakerStreet I office and retail building in Budapest to an international investor, reducing its debt by over €50 mln.

Baker Street I building in Budapest

This sale is a key step in Atenor's three-year strategy to focus on residential and mixed-use development, while gradually reducing office exposure in Central Europe.
The 18,679 m2 eco-friendly building is fully leased to E.ON under an eight-year agreement and boasts numerous sustainable features, including solar panels, green roofs, heat pumps, rainwater reuse systems, and adaptive building controls.
Atenor is now planning to transform the neighbouring 20,420 m2 BakerStreet II site into a primarily residential complex, reflecting a shift towards residential projects in the area amidst a challenging office market in Central Europe. 
Stéphan Sonneville, CEO of Atenor, said: “With this transaction, Atenor confirms its strategic choice to reduce net debt while investment markets remain challenging. We look forward to the opportunities that our three-year strategy will offer for a stronger balance sheet and future growth.” 
Norbert Schömer, country director of Atenor Hungary, added: “E.ON's new headquarters, developed by Atenor, represents one of the first next-generation post-COVID office buildings in Budapest, focusing on flexible workspaces, personal well-being, and fostering collaboration.”
Alexander Hodac, COO of Atenor, commented: “The sale of BakerStreet I supports our strategic move to rebalance our portfolio, reducing our exposure to offices in Central Europe. With BakerStreet II set to transition towards residential use, we are preparing the next phase of our growth.”