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The ERSTE Open-Ended Real Estate Investment Fund, represented by ERSTE Alapkezelő Zrt, has acquired the first phase of an office complex called H2Offices from Skanska in Budapest, Hungary.

The transaction is valued at approximately Skr1.2bn. Skanska Commercial Development Europe will record the transaction in the third quarter of this year.

H2Offices is a mixed-use project and is situated in the Váci office corridor of Budapest. It is Skanska’s tenth project in the Hungarian capital.

The first phase includes a total leasable area of roughly 27,000m² on eight above-ground floors with Hungarian and international tenants leasing 74% of the office and retail space.

Phase one’s construction was completed in the fourth quarter of last year, with the property transfer itself planned for the fourth quarter of this year.

The building has secured Leadership in Energy and Environmental Design Core and Shell Platinum certifications. It is also aiming to achieve the WELL v2 Core & Shell and WELL Health-Safety certifications.

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Upon its completion, H2Offices will consist of three buildings with approximately 67,000m² of modern office space.

It has been designed by Denmark’s Arrow Architects, with additional general design and landscape work completed by Studio IN-EX and Lépték-Terv, respectively.

In July this year, Skanska won an order from fellow property developer Fastighets AB Balder for the development of two apartment towers in central Gothenburg, Sweden.