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.


Czech economic confidence improves in May Analysis

Czech economic confidence improves in May

Ministers in new Orbán gov't sworn in Parliament

Ministers in new Orbán gov't sworn in

Spring’s allergy season - the heat is on Interview

Spring’s allergy season - the heat is on

Airport bus fare could rise to HUF 1,500 City

Airport bus fare could rise to HUF 1,500


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.