Budapest-based property developer Futureal is carrying out due diligence to buy five joint venture development schemes in Poland, Romania and Hungary, CEO Gabor Futó has told PropertyEU. The assets are a mix of office and retail schemes, but Futó declined to give further details until it was clear which deals would go ahead.

Earlier this year Futureal told PropertyEU that it planned to invest EUR 100 mln of equity through development partnerships over the next two years to jumpstart stalled projects across Central and Eastern Europe. The developer has a team of over 100 real estate professionals and EUR 1.6 bn of projects.

Futureal recently agreed a EUR 50 mln joint venture for the development of KPMG's new headquarters in Budapest on the former site of the Communist-era Volga hotel, sold to an Accor partnership. The partners are private investors.

KPMG will occupy half of the 20,000 m2 office building to be located on the most visible corner of the Vaci út office corridor, right above a metro station, The 10-year lease will commence in 2014.

The KPMG HQ is the third new project Futureal has started this year besides Nova Park, the EUR 120 mln Polish shopping centre joint venture with Caelum and Cordia Sun Resort, a 300-unit residential project in its flagship urban renewal project Corvin Promenade in Budapest, where it is working in partnership with the local municipality.

Acknowledging the lending market is in a 'very depressed state', Futó said his company dared to invest and is on track to close over EUR 100 mln in bank financing for its three current main projects by the end of this year.

Futureal has already secured EUR 50 mln funding for Nova Park from Bank Zachodni WBK and over EUR 20 mln for the residential development from Erste Bank. Futó noted that Cordia Sun Resort is 40% pre-sold and is 'by far the largest residential project in Budapest this year'.