South Korean REIT enters Hungarian office market

Skanska has sold its Nordic Light Trio office building in Budapest to JR AMC, a South Korean REIT.

It is the REIT’s first office investment in the Central and Eastern Europe, after transactions in Vienna, Dublin and Paris.

The 14,000-square-meter (150,000-square-foot) Nordic Light Trio is located on the Pest side of the river Danube. It is 98 percent occupied.

This is the second sale Skanska has sold to an Asian investor.

“This is further proof that Asian investors have a positive sentiment towards Europe and actively search for new investment opportunities on our continent,” said Adrian Karczewicz, head of divestments at Skanska’s CEE commercial development business unit.

According to Colliers International, between 2017 and 2018, the inflow of Asian capital investment into the CEE region amounted to approximately €2.6 billion ($2.9 billion).

“With yields in Western Europe breaking historic records, our interest is to constantly