LKT advised VGP on its acquisition of a 38 HA development site at Budapest’s Liszt Ferenc International Airport

We are proud to advise one of our key real estate clients, VGP, a pan-European provider of high-quality logistics and semi-industrial real estate, on the acquisition of a 38 HA development site in Üllő, a strategic location adjacent to Budapest’s Liszt Ferenc International Airport.

The development potential of VGP Park Budapest Aerozone is approx. 125,000 m2. The park accessibility is excellent from the Budapest ring road, M0, and M4 motorway and from all the arriving and departing planes at airport. The location offers excellent transport connections across the country with the M1 / M3 / M4 / M5 motorways all accessible within 30 minutes.

The park will consist of three buildings ranging from ca. 30,000 m2 up to over 60,000 m2 area. Construction will start during 2021 for the first building. VGP provides solutions for cross-dock operations, also for standard warehousing and light industrial production facilities. In addition to state-of-the-art technology, sustainability and energy efficiency are key parameters for the commercial properties developed by VGP. All the buildings in VGP Park Budapest Aerozone will have at least BREEAM (Building Research Establishment Environmental Assessment Method) “Very Good” certification and with respect to its own operations, VGP is committed to become carbon neutral by 2025.

In addition to this new acquisition, VGP has a significant portfolio of logistics properties in Hungary, strongly connected to the automotive industry in existing VGP parks such as Győr and Kecskemét.

The LKT legal advisory team was led by Attila Ungár, Partner, Head of Real Estate and Tamás Balogh, Senior Real Estate Lawyer. The team included Real Estate Lawyers Kata Molnár, Szandra Remete and Csenge Váradi. Tax aspects of the transaction were handled by Balázs Kántor, Head of LKT Tax Team.