TriGranit successfully sold Millennium Gate building complex
TriGranit and International Medical Centers B.V. signed a sale and purchase agreement
TriGranit successfully sold the Millennium Gate building complex, located in Millennium City Center, Budapest.
Millennium City Center, which was one of the largest real estate development projects in Central Europe, will now offer healthcare services, beside the already existing residential, office and cultural facilities.
The Dutch-registered International Medical Centers B.V. is the new owner of Millennium Gate, in which Hungary’s first, ultra-modern private hospital is going to be developed.
The Class A office towers, the National Theatre and the Palace of Arts have become landmark buildings on the banks of the Danube River in Budapest. The modern offices, built using environmentally friendly technologies, are very popular among the tenants (e.g. Morgan Stanley, Vodafone or Nestlé).
In 2011, K&H Group also purchased from TriGranit an office tower in Millennium City Center, which became the K&H Group Headquarters. In the same year, Heitman also acquired a 74% share in Millennium Towers I, II and III, as well as building “H”.
During the last 14 years, TriGranit developed a total of 360,000 sqm on Millennium City Center’s 3-hectare plot: Duna-Pest Residences consisting of more than 310 luxury apartments; the Palace of Arts; five Millennium Tower office buildings; Millennium Gate. The total value of the development project exceeds 500 million euros.
“We are proud of the fact that in just over a decade we have created a modern, prestigious district at the riverbank in the heart of Budapest. We are delighted that the new owner of Millennium Gate is determined to develop a high quality project in accordance with Millennium City Center’s high level standards.” – added Árpád Török, CEO of TriGranit Development Corporation, whilst welcoming the new investors.
Joseph Priel, Managing Director of International Medical Centers B.V., highlighted: “We managed to find the most beautiful, perfect location with excellent transport infrastructure and accessibility for Duna Medical Center, which will be based on a unique concept, meeting all the modern requirements of a 21st century, full-service private hospital”
TriGranit is the largest fully integrated regional real estate investment, development, and management company in Central and Eastern Europe. With operations in 9 countries in Central and Eastern Europe, a large portfolio of completed trophy assets, and a pipeline of over 4 billion Euros of major mixed-use developments, as well as a number of public private partnership (PPP) investments, TriGranit is well positioned to participate in the expanding real estate markets.
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