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Hungary investment property transactions triple in 2011

The value of investment property transactions in Hungary jumped to €620m in 2011 from €180m in 2010, according to an analysis by commercial real estate services company CBRE.

CBRE noted that US-based Heitman European Property Partners accounted for more than €200m of the transactions.

Hungary’s TriGranit said late in December it sold a 74% stake in four properties at its Millennium City Center development in Budapest to Heitman European Property Partners IV for almost HUF 45bn (€150m), Econews reported earlier.

Take-up on Budapest’s office space market was close to 400,000sqm in 2011, just 2-3% lower than the all-time high, CBRE said. The vacancy rate fell to 19% at the end of 2011 from 21% a year earlier.

Budapest’s logistics property market stagnated in 2011.