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The four largest Hungarian real estate funds control a decisive proportion of the market. Although the funds are required to prepare monthly reports, the content of these are often sketchy. However, the end of April was the deadline that more detailed annual reports had to be filed, so this is a good time to take a closer look at what these funds contain. The conclusion: for the most part cash, then cash, and then maybe some offices...
Not much more than one-third of the total 156 billion forint assets of the Erste Real Estate Fund, some 57 billion forints, were in properties at the end of February. Of this, around thirty billion was in offi ces, while the value of commercial properties was 16 billion forints. The proportion of land or developable properties was negligible. Industrial properties were in a minority, and bank branches are worth a mention, but their value was only some four billion forints. However, their 10.7 percent per unit return rate exceeded the average
rate of return of around 8.0-8.5 percent registered on other real estate types, according to last year’s annual report.
The share of properties in Raiffeisen’s property fund, of slightly more than 90 billion forints in managed assets, was 56 percent at the end of March, with around half of this made up of offices (26 percent of total assets). The weight of properties labelled “service and commercial” (shopping centres in Budapest and the countryside) is also significant, at 17 percent, but the third-largest category of industrial and logistics properties made up just 8 percent of total assets. The proportion of classic commercial properties, such as retail units, is relatively low here. This fund also has some bank branch offices, but their number is not decisive here either. Interesting to note is that the fund also had 1.5 billion forints in a euro-denominated Credit Suisse real estate fund at the end of last year.
The monthly report of OTP’s 146 billion forint real estate fund is quite tight-lipped, it is not even possible to discern what the share of properties is within total assets. According to last year’s annual report at least, this proportion was at 38 percent at the end of last year, which likely has not changed much since then. At the beginning of its operation, the fund owned mostly diplomatic residences and embassy offices, but now offices are dominant, with a 71.5 percent share (including entire offi ce buildings, such as the former ÁPV Rt building in Budapest). Beside this, the proportion of commercial and logistics properties are significant, at around 10 percent each.
The property ratio of the oldest fund on the market, the Európa Fund – partly due to the recent wave of capital extractions – is higher than its competitors’, with 36 billion of its 41 billion forint assets in properties at the end of March. Industrial properties made up the biggest proportion, with their value totalling some 12 billion forints. Not far behind are offices with their more than 10 billion forint share, and the 4 billion tied down in land is also higher than at other funds. The category of “other” properties is also significant, this most likely includes primarily commercial and logistics properties. Despite being flush with cash, funds generally have sizable debt as well, making up for example more than half of the property portfolio in the Erste product.
