Erste Real Estate Fund buys Buda’s Krisztina Palace
Krisztina Palace, a landmark office building of the Buda side, was sold to Erste Real Estate Fund by Union Investment, according to a press statement sent to the Budapest Business Journal. The deal was facilitated by real estate firm CBRE Hungary, representing the seller.
The building, constructed in 2010 and with an "Excellent" BREEAM certificate, offers more than 18,000 sqm of premium office space on the Central Buda sub-market. The fully-occupied Grade "A" office is the HQ of international tenants such as Johnson & Johnson and Eaton. The transaction was closed within seven weeks after the commencement of the due diligence period.
“The purchase of Krisztina Palace aligns well with our strategy of buying properties that have a good tenant mix and will remain the solid pillars of our portfolio on the long run,” Balázs Pázmány, head of the board at Erste Asset Management Limited said.
“CBRE are proud to have represented Union Investment in this deal,” Tim O’Sullivan, head of investment properties at CBRE added. “The fact that the transaction was closed with such speed is due to the professionalism of all parties involved. It is also a milestone, that brings the Hungarian investment market closer to another a record year, with over EUR 900 million transacted in the year-to-date,” he added.
Erste Real Estate Fund, the largest open-ended real estate fund in Hungary, is currently valued in excess of HUF 350 billion.
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