Atenor Obtains Permit for 280 Apartments in Budapest (BakerStreet II)
The Belgian real estate developer listed on Euronext Brussels has obtained the building permit for a residential complex of 280 apartments located in the 11th district of Budapest. This milestone confirms the reorientation of a site originally designed for office use towards residential purposes.
BakerStreet II, 280 Apartments on Approximately 26,700 m²
BakerStreet II will comprise 280 residential units distributed across three buildings, representing approximately 26,700 m² of residential space. The project is located in an urban neighborhood close to the Danube and university campuses, and is organized around a landscaped courtyard integrating green spaces and shared amenities for residents.
According to Atenor, the project, initially considered as an office development, has been reassessed in light of the evolving market dynamics in Budapest and the group's strategic priority on residential development. The launch of pre-sales and construction is scheduled for the first quarter of 2027, with completion anticipated in the second quarter of 2029.
Lake 11 Complemented by BakerStreet II
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BakerStreet II comes to complement Lake 11, Atenor's residential development in the 11th district of Budapest, near Lake Kána. Lake 11 is being developed in phases and will comprise nearly 900 apartments as well as approximately 2,300 m² of commercial space.
The first phase, Lake 11 Home&Park, comprising 265 apartments, has been delivered. In March 2026, Atenor launched the construction and marketing of the second phase, Lake 11 Flow, composed of 146 apartments. As indicated on September 3, 2026, the pre-sales for this phase had exceeded 30 %.
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.
