Skanska Sells H2Offices Phase Two in Budapest to ERSTE Open-Ended Real Estate Investment Fund for €98 Million
Skanska Commercial Development Europe has agreed to divest the second phase of its H2Offices office complex in Budapest, Hungary, to ERSTE Open-Ended Real Estate Investment Fund, represented by ERSTE Alapkezelő Zrt, for €98 million, or approximately SEK 1.1 billion. The transaction will be recorded by Skanska Commercial Development Europe in the third quarter of 2026, with the transfer of the property scheduled for the fourth quarter of 2027.
Deal Terms and Property Details
H2Offices Phase Two offers approximately 22,000 square meters of gross leasable area of office space located along the Váci Office Corridor, one of Budapest's primary office submarkets. The building is currently under construction and is scheduled for completion in the first quarter of 2027. The property is 100% leased to a single global company under a 10-year lease agreement, providing the buyer with a fully stabilized income profile upon transfer.
The transaction structure separates the recording of the sale agreement — recognized in Skanska's third-quarter 2026 results — from the physical transfer of the asset, which follows construction completion.
The deal marks the second time ERSTE Open-Ended Real Estate Investment Fund has acquired a phase of the H2Offices complex from Skanska. The fund previously purchased H2Offices Phase One, a roughly 26,827-square-meter building that was delivered and sold in the fourth quarter of 2022 for approximately €100 million. The repeat transaction indicates the fund is expanding its existing position within the same development rather than entering an unfamiliar asset.
Sustainability and Certification Targets
H2Offices Phase Two is designed around energy efficiency and occupant wellness. The building incorporates high-efficiency building systems, four-season heat pumps, rooftop photovoltaic panels and low primary energy demand. The project is targeting LEED Platinum, WELL Platinum and Access4You Gold certifications — a combination of environmental, health and accessibility credentials that have become increasingly relevant to large corporate occupiers seeking lower operating costs and stronger environmental profiles.
Skanska began construction of Phase Two in December 2024 and secured full pre-leasing in May 2026, completing the principal leasing milestone before executing the disposition.
H2Offices Complex and Budapest Market Context
H2Offices is a three-building office complex situated in the Váci Office Corridor, approximately five minutes from Budapest's city center and near a public transportation hub. Once fully completed, the complex will offer approximately 67,000 square meters of modern office space. Phase One contributed roughly 26,827 square meters, Phase Two adds approximately 22,000 square meters, with the balance attributable to the remaining development phase.
The transaction comes as Budapest's office market continues to navigate the post-pandemic shift toward hybrid work, which has widened the performance gap between newly built, efficient buildings and older secondary stock. H2Offices Phase Two's combination of 100% pre-leasing, a 10-year contractual income stream, new construction, a central corridor location and sustainability certification targets positions it among the more defensible assets in the market. Institutional demand for prime, ESG-oriented Budapest office assets has remained active when leasing risk has been substantially addressed ahead of closing.
Transaction Timeline
Skanska Commercial Development Europe will record the transaction in its third-quarter 2026 financial results. The physical transfer of the property to ERSTE Open-Ended Real Estate Investment Fund, represented by ERSTE Alapkezelő Zrt, is scheduled for the fourth quarter of 2027, following the building's anticipated first-quarter 2027 completion.