The ESTON International team has reached outstanding success during its 25 years’ of operation not only in the field of property leasing, office fit-out and project management but also in property valuation, where we managed to obtain many satisfied clients. This year our portfolio grew by a REIT evaluation, since ESTON became the official property valuator of Graphisoft Park since January 2018.
Our regular clients include banks and real estate funds among others – such as Erste Open-ended Property Investment Fund – for whom we carry out legal expert reports and technical control service in banks. Our leading consultants are RICS (Royal Institution of Chartered Surveyors) members, thanks to whom our portfolio expanded by a special assignment, the REIT evaluation of Graphisoft Park.
SZIT (or Real Estate Investment Trust (REIT)) is a special form of enterprise, which was acknowledged by Hungarian regulations in 2011 when law number CII was declared. SZIT is the Hungarian equivalent of REIT, which started in the US in the 60’s and has become widespread in Europe by now, has many advantages from taxation point of view. It is still a rare form of enterprise in Hungary, so we are very proud that ESTON can carry out the SZIT (REIT) valuation of Graphisoft Park.
The building of the office park was appreciated from the start because they utilised an old industrial site this way saving it from becoming a ghost town. Graphisoft Park lies on nearly 18 hectars of the total territory of Óbudai Gázgyár (Gas factory of Óbuda), comprising 14 office buildings of different sizes since the start of the property developments in 1998. Among the tenants we can find several information technology companies, such as Graphisoft, Microsoft or SAP Hungary Ltd. Furthermore renowned technological and pharmaceutical companies, such as Servier Research Zrt. or ThalesNano Nano-technological Research-Development Zrt. have their offices and laboratories here.
Developments with educational purposes are of significant importance in the life of Graphisoft Park. Aquincum Institute of Technology (AIT-Budapest) designs courses for students coming here for a semester from the best universities in the world, in addition the institute provides an excellent training opportunity for researchers of companies. The other higher educational institution is IBS (established in 1991), International Business School, which is recognised in the region and has been accredited several times. This university operates in more countries and is designed for students who are interested in business and management studies. Its mission is to provide culturally and economically significant education in English language in the field of business and management.
Development does not stop here. At present an office area of 12,500 square metres comprising four office buildings and underground garage with 450 park places are being built. As a result of the development Graphisoft Park will have 73 thousand square metres of office, laboratory and education area, which are sought after in the current almost complete occupancy rate.
ESTON’s valuation team did technical expertise assignments for Graphisoft Park in the past, but now we can contribute even better to the flourishing of the office park, as we prepare the regular valuation of the Park since the year of 2018.
Mr. Adorján Salamon, Managing Director of ESTON said about the project the company has won: “It is of utmost importance for us to meet the market requirements and to satisfy our Clients’ needs. This is why we are very proud that we could win a valuation project of great importance such as this one. I would like to congratulate the ESTON valuation team for their performance, since this success is owed to their hard work and commitment.”