The issuer rating reflects the stable cash flow from a diversified Budapest office portfolio, strong profitability and relatively low leverage. The issuer’s small size, weak tenant and geographic diversification, and modest market share are constraints.

The affirmation reflects Scope’s unchanged view on the company’s cash flow generation capabilities. The company’s small size and concentrated portfolio remain the main constraints. The rating has been withdrawn for business reasons.

The rating affirmation is driven by Scope’s unchanged view on the company’s cash generation capabilities despite the lower than expected occupancy rate of newly acquired Váci Green E office property.