Atenor sells BakerStreet I in Budapest, cuts debt by over €50 million

Atenor has announced the sale of its BakerStreet I property in Budapest’s Újbuda district to an international investor. The fully leased office and retail development is one of five remaining Central European office assets marked for divestment under the company’s current strategic plan. The transaction will reduce Atenor’s consolidated debt by more than €50 million.

The sale is part of Atenor’s three-year strategy aimed at expanding its residential and mixed-use pipeline, decreasing its exposure to the office sector in Central Europe, and consolidating core office assets in key urban markets. Despite the challenging investment environment across the region, the company stated that the transaction may have a modest negative impact on its 2025 financial results.

In line with this strategic direction, Atenor is continuing the development of BakerStreet II, a neighbouring site. The company plans to submit a permit application later this year to convert the project into a residential development of approximately 20,420 square metres, which will include a small retail and office component. The project is intended to support the ongoing revitalisation of the Újbuda area while aligning with Atenor’s shift towards residential and mixed-use real estate.