Atenor divests Olympia complex in Budapest and reduces debt by €38 million
The Belgian real estate developer listed on Euronext Brussels has divested the mixed-use Olympia complex located in Budapest through its Hungarian subsidiaries.
This transaction reduces the group's net financial debt by 38 million euros.
Mixed-use complex of 74,149 m² divested to Wing group
Atenor announced on August 3, 2026 the divestment of the mixed-use Olympia complex, with an area of 74,149 m², located in Budapest, Hungary. The buyer is Wing, a real estate developer and investor present in Hungary, Poland and Germany.
The complex includes building A, comprising 23,515 m² of offices currently let at 41% and certified BREEAM Excellent, as well as building B, comprising 18,341 m² of offices in shell condition. It also includes plots C and D, which have planning permission for the development of 32,293 m² of offices.
A divestment in line with the 2025-2027 plan
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The transaction is part of the group's 2025-2027 plan. According to Alexander Hodac, Atenor's Chief Operating Officer, this transaction marks a step in the group's gradual reduction of its exposure to the office market in Central Europe and the reallocation of released capital towards new residential projects.
Two residential projects underway in Budapest
In April, Atenor launched the commercial rollout and construction of the second phase of the residential project LAKE 11 Flow in Budapest, comprising 146 units. Pre-sales exceeded 25%.
The group also plans to launch, at the beginning of next year in central Budapest, the commercial rollout and construction of the Bakerstreet II project, which will comprise approximately 280 units located near the university.
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SectorPromotion immobilière›Promotion immobilière
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 39,3 millions d'euros
Quarterly revenue: 39,3 millions d'euros
Revenue growth: -26,3 %
Net income: -18,3 millions d'euros
484,8 millions d'euros
Guidance from the release
The 2026 results are expected to be negative, mainly due to the current stage of development of its projects.
Risks mentioned
Material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern due to bond repayment obligations (EUR 65M in October 2026, EUR 75M in March 2027, EUR 55M in April 2028)
Macroeconomic environment remains marked by uncertainty in 2026, notably due to international geopolitical and economic tensions which may disrupt economic activity and the real estate sector
Office market segment remains cyclical with concentration risk; projects in Central Europe subject to strategic divestment pressure with impairments and continued exposure to market volatility
Opportunities identified
Launch of Lake 11 Phase 2 with 30% pre-sold demonstrates strong residential market demand and reduced commercialization risk
Continuation of high-value-added office projects (Campus, Campo Grande, Oriente, Realex) with scheduled deliveries through 2028 positioning for profitability recovery
Portfolio of 22 projects representing 750,000 sq m with 230,000 sq m of permitted projects ready to launch and 280,000 sq m with ongoing planning applications providing significant development pipeline
Outlook / guidance
Management commentary: Outlook for 2026 – Delivering the Strategic Plan 2025 – 2027 with continued trust: (1) Continue deployment of the residential portfolio, supporting a more resilient portfolio mix and progressive cash conversion through sales and deliveries; (2) Focus capital and execution on high-quality office projects with visible construction and commercialisation milestones; (3) Exit from the Central European office market almost achieved, reducing exposure to a more challenging and cyclical segment.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
