Friday, 25 September 2026
Skanska has agreed to sell the second phase of its H2Offices development in Budapest to ERSTE Open-Ended Real Estate Investment Fund for €98m, equivalent to approximately SEK 1.1bn. The transaction involves an office building currently under construction in the Hungarian capital’s Váci Office Corridor.
The approximately 22,000 sqm property has already been fully leased to an unnamed international company under a 10-year agreement. Construction is scheduled to finish during the first quarter of 2027, giving the buyer a newly completed office investment with its entire space committed to a long-term occupier.
Although the sale has already been agreed, ownership of the property is expected to transfer during the fourth quarter of 2027. Skanska will record the €98m transaction through its Commercial Development Europe business in the third quarter of 2026. ERSTE Alapkezelő represents the acquiring fund.
Based on the announced purchase price and approximately 22,000 sqm of leasable space, the transaction represents around €4,450 per sqm. This is a simple comparison of the headline consideration with the building’s area rather than a valuation measure, as Skanska has not disclosed further details of the transaction structure.
H2Offices is being developed as a three-building complex in Budapest’s established Váci office district. Once all phases have been delivered, the scheme is expected to contain approximately 67,000 sqm of office accommodation together with landscaped external areas.
The second building incorporates heat pumps designed for year-round operation, photovoltaic panels on the roof and building systems intended to reduce energy requirements. Skanska is targeting LEED Platinum and WELL Platinum certifications for the property, together with an Access4You Gold rating for accessibility.
The €98m disposal combines development, leasing and institutional investment within a single transaction. With the building fully committed more than a year before the planned ownership transfer, the deal gives ERSTE exposure to a new Budapest office property backed by a decade-long lease while Skanska continues construction through to completion.
