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Bonn-based IVG Immobilien AG plans to invest EUR 66 million in the Infopark office complex in Budapest by the end of 2007, IVG president John von Freyend announced last week.

Freyend said IVG has invested more than EUR 100 million in Budapest by building 65,000 square meters of real estate and the company plans to add 35,000 square meters by the end of 2007, with total investments exceeding EUR 150 million until then.

Besides investment in Infopark, the most significant innovation and information technology complex in Central Eastern Europe, IVG bought and renovated a six-story building in Andrássy út 12., downtown Budapest. The building, called Krausz Palace, involves 5,000 square meters of exclusive office space and its tenants include Budapest Bank and ITD Hungary, Hungary’s investment and trade promotion agency. IVG carried out a similar development in Andrássy út 11, with 1,800 square meters of quality office space.

Freyend announced that the company plans further projects involving renovation of protected buildings on Andrássy út, often called the Champs Elyssée of Budapest, which is under Unesco’s World Heritage protection.

IVG will open in April this year the “C” building of Infopark, a 12,700 square-meter office building, which cost EUR 25 million to build. The building’s first tenant is software developer Freesoft, which rents 1,400 square meters. IVG has a preliminary contract with Deutsche Telekom’s IT arm T-Systems, which plans to populate 3,500 square meters in the “C” building. T-Systems decided on moving into Infopark “C”, because other Deutsche Telekom subsidiaries, namely Matáv and Axelero, already rent space in Infopark.

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