BUDAPEST-Hungarian developer TriGranit is concentrating on Poland as the most stable central European market - where financing can be acquired, tenant demand is stable, and assets can also be sold, according to CEO Arpad Torok. It also sees opportunities in Hungary.

In Poland, “we not only create but are also able to sell our developments. This process may be starting up in Hungary as investment funds have started looking at assets,” Torok says. Financing is most difficult in Romania and Russia, he says, whereas funding can be assembled in Hungary, albeit under different conditions. It is also possible to get Russian bank financing, but interest margins put project feasibility in doubt.

TriGranit’s main developments this year are the 624,000-square-foot Arena Center mall in Zagreb and K&H's 818,000-square-foot office HQ in Budapest, and activity in Poland. “We are looking for opportunities in the region but we are currently concentrating mainly on Poland,” Torok said. Construction of its Romanian P