ConvergenCE acquires office buildings in central Budapest for Europa Capital

Deals

ConvergenCE Hungary has completed the acquisition of a portfolio of office buildings in Budapest, on behalf of Europa Capital and its pan‐European investment fund, Europa Fund IV, the Hungarian real estate firm said today in a press release.

The portfolio includes three office buildings: Kálvin Center, Duna Office Center and Baross 52, with a combined GLA of close to 30,000 sqm, the release said. ConvergenCE Hungary, with whom Europa Capital developed the successful Eiffel Square building in Budapest, identified, negotiated and executed the €30 mln acquisition and will be responsible for the asset management of the Portfolio.

Alan Vincent, Managing Director of ConvergenCE said that “it is a pleasure to mark our ten-year cooperation with Europa Capital with this significant opportunistic acquisition. These buildings are each in excellent locations and will greatly benefit from investment and hands on management within the near future.”

Robert Martin, Principal and Head of Central Europe at Europa Capital, commented: “The acquisition of this Portfolio fits within our strategy of acquiring well located buildings in principal capital cities in the CEE region that are fundamentally sound, but are under‐capitalized and require intensive asset management in order to fulfill their potential. The purchase price ensures we are able to offer attractive terms to tenants in order to secure new leases in order to underpin the value of the Portfolio in a concise timeframe”.

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