Europa Capital sells Eiffel Square office-park complex

Office Market

Europa Capital and its local partner, ConvergenCE, announced today that they have completed the sale of the 23,000 sqm Eiffel square to the Germany-based asset and investment manager, KGAL for an undisclosed fee.

Eiffel Square (pictured) is located next to the Nyugati Railway Station and consists of office space and street front retail and services, in addition to a park area.

“The sale is completed at a time when the Budapest market, having recovered from the global financial crisis, is entering a period of strong growth,” commented Robert Martin, head of CE at Europa Capital.

Current prime Budapest office yields stand at roughly 7% and could soon fall below that. Investment demand is higher than the available product on the market, but the pipeline projects for the next 18-24 months could partly resolve this problem. Many consultants expect a record €1 billion+ in transactions for the year as more institutional investors are looking to acquire assets in Budapest.

Earlier in the year, Zeus Capital Management has purchased the 21,000 sqm Váci Corner in the Váci út business corridor from HB Reavis. The transaction was concluded at an estimated €55 million, the largest reported deal thus far this year.


Hungarians Want to Live to 96 Analysis

Hungarians Want to Live to 96

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Wizz Air Malta Names Managing Director Appointments

Wizz Air Malta Names Managing Director

2 Protests to Take Place in Budapest on Aug 20 City

2 Protests to Take Place in Budapest on Aug 20


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.