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This marks one of the largest office transactions of the year in Hungary. Science Park is a category “A” property hosting a balanced set of multinational and domestic companies with a strong bias towards innovative, technology-driven industries.
The property’s location offers a range of amenities, while its close vicinity to several leading engineering and information technology universities gives tenants unique access to a relevant new talent pool, according to a press release sent to the Budapest Business Journal. Concentrated energy efficiency measures have resulted in a recently obtained BREEAM “Excellent” sustainability certification.
The purchase was completed by the Recorde Science Park Real Estate Investment Fund vehicle managed by Recorde AM, in partnership with Chapel Hill as co-investor/general partner and asset manager. Erste Bank Hungary provided acquisition financing for the transaction.
“Science Park fits well into Recorde’s strategy of seeking out high-quality, value-add investments with skewed risk/reward potential for our investors, and we believe our partnership with Chapel Hill will provide the optimal platform for the property to thrive in the years ahead,” commented Gábor Kutas, founder and CEO of Recorde AM.
James Kinnell, managing director of Chapel Hill Capital added, “We look forward to continuing the institutional-quality asset management of Science Park. We are fully aligned and motivated to execute our business plan, aiming to further bolster the asset’s occupancy, operating efficiency and sustainability credentials and thereby creating tangible value for all stakeholders.”
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