By acquiring the property complex bounded by Hungária Boulevard, Százados Road, and Stróbl Alajos Street, WING is simultaneously expanding its Budapest office portfolio with a modern "A" category quality office building and creating the opportunity for a larger-scale, multi-phase urban development.

WING plans to convert the structurally complete building to create more than 200 homes in the first residential development phase, with subsequent phases bringing the total number of apartments to over 500. The concept primarily envisions smaller-floor-area properties that support young people's urban housing needs and the creation of a first independent home. The homes from the first residential development phase, expected to launch next year, could be completed as early as 2028.

One of the most important elements of the development concept is the coordination of the various functions. WING's goal is to create a more active urban environment — offering more services and green spaces — on a site that currently remains partially underutilized. The project could thus not only expand the area with new homes and modern workplaces, but also help strengthen the urban fabric of Százados district, part of the eighth district of Budapest.

"The value of a transaction like this does not simply lie in acquiring an existing property or development site, but in the opportunity to rethink a well-situated urban location in line with today's needs," said Tibor Tatár, Head of Residential and Office Developments at WING Hungary. He added that WING is striving to create a diverse environment that will function well over the long term, one in which homes, workplaces, and everyday services reinforce one another. "This creates value for both Budapest and the district at the same time and can bring a tangible improvement in quality to life in the area," the deputy CEO stated.

Tibor Tatár also noted that the existing office building can play an important role in the long-term concept as well. The building, which has excellent transport connections, offers modern, "A" category office space with large floors up to 2,500 square metres. Through the development of the entire site, WING aims to create an environment that is greener and richer in services than the current one, appealing to both future residents and office tenants alike.

The development will also have a positive impact on the quality of life of current residents in the area, since as part of the commitments linked to the development, the surrounding sidewalk sections will be renovated, and new green spaces and community facilities will be created. The latter is especially important to local residents, who repeatedly noted the lack of community spaces during the public consultation on the long-term development concept for the Százados district. Although the final functional composition and phasing of the project are still being worked out, WING has committed to handing over, free of charge, a space of at least 300 square metres to the municipality, where — based on the municipality's future decision, a nursery, community space, or medical practice could operate according to local residents' needs.

The acquisition is consistent with WING's long-term investment strategy, which focuses on high-quality assets in prime locations capable of delivering stable returns. Olympia represents another landmark addition to WING's Budapest portfolio, which has recently expanded to include Capital Square, the Greenway project, and the development site at 39 Váci Road , the future home of KPMG's new headquarters.

WING's legal advisory services were provided by Oppenheim Law Firm, while Atenor was represented by iO Partners and CMS Hungary. Financing related to the acquisition of the existing office building forming part of the property complex is being provided by K&H Bank.