CA Immo completes Millennium Towers acquisition

Office Market

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Real estate firm CA Immo has closed the transaction to purchase the approximately 70,400 square-meter Millennium Towers office building for EUR 175 million from TriGránit and Heitmann’s local subsidiary, according to a press release issued today.

The real estate is currently 100% leased, and will thus boost CA Immo’s revenues by an annual EUR 12 mln, the press statement said. The purchase has been realized using own resources, with CA Immo represented by law firm CHSH. 

CA Immo is further strengthening its presence in Hungary, noted the press release, adding that following Germany and Austria, the company’s third biggest portfolio is located in Hungary. Due to the acquisition, the company is elevating its portfolio here to approximately 273,400 sqm in total, with an approximate value of EUR 490 mln.

The office building complex is comprised of four buildings: Tower I, Tower II, Tower III and Tower H. The latter is the headquarters of K&H Bank. The complex includes a total of 1,200 parking spaces.

The buildings were completed in the period 2006-2008, and have been certified LEED Gold. The ground floors of the buildings are  home to a total of 4,000 sqm of commercial space. Tenants of the complex include Morgan Stanley, Vodafone and Lexmark.

“The Budapest office market is one of the most important markets for the CA Immo Group," said Frank Nickel, CA Immo president-CEO. "Thanks to our acquisition, we are strengthening and stabilizing our Hungarian portfolio that has a 92% tenancy rate."

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