Wing acquires 2 historic downtown buildings in Budapest
The property at Andrássy út 93.
Wing, one of the leading property developers and investors in the Hungarian real estate market, has acquired two historic buildings in Budapest.
The goal of the company, which has developed about 1.1 million sqm of real estate in Hungary since its establishment in 1999, has been to expand the company group’s real estate portfolio with valuable new assets.
The first property at Andrássy út 93, in the diplomatic quarter, is an office building with an impressive exterior and an exclusive conference room under historic monument protection, Wing tells the BBJ. The building also boasts an underground parking garage and a quaint interior courtyard. The second property at Báthory utca 12, was constructed in the early 1920s and houses offices. Both buildings are currently occupied by tenants with lease agreements for several years.
According to the company, the purchase of the two buildings fits with Wing’s long-term strategy, which in addition to development projects, includes real estate portfolio expansion through the acquisition of properties offering significant potential and representing considerable value.
The preservation of Hungary’s architectural heritage forms a part of the mission of the Hungarian-owned company, according to a press release sent to the Budapest Business Journal.
“Creating value through property development in Hungary is a core component of Wing’s activities,” says Wing’s chairman and CEO, Noah Steinberg. “In many cases, we accomplish this through the renovation and revival of our existing architectural heritage. This deal thus adds buildings with significant potential and functions directly linked to our activities to our real estate portfolio.”
The seller was advised on the transaction of the two buildings by Avison Young. Both properties have been locally managed by Teichmann & Companions since their acquisition in 2015.
The seller commented, “We have recently secured the lease extension of our tenants in both buildings; hence this was a perfect timing to dispose of the stabilized assets. Through this seamlessly executed transaction managed by Avison Young, we were able to successfully exit the Hungarian market while achieving excellent returns.”
The seller was advised on the disposal by Benjamin Perez Ellischewitz, principal at Avison Young Hungary. Legal support was provided by Szécsényi & Partners (sell side) and Oppenheim (buy side).
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