Budapest-based boutique investor, asset and property management company ConvergenCE has announced the completion of the acquisition of the Árpád Center office building in Budapest, according to a press release sent to the Budapest Business Journal.
The office building at the foot of Árpád Bridge totals 5,400 square meters and offers 63 parking spaces. This is the third in-house investment by ConvergenCE, the press release notes.
After 15 years of co-investment and asset, property and project management provision with large cross-border real estate investors such as Europa Capital and JPMorgan, ConvergenCE began its own independent investment activities two years ago with the purchase of the B52 office building, the press release recalls. This was followed by the acquisition of 7.4 hectares of industrial and logistics land at the M7 motorway in 2018 and the recent Árpád Center deal.
"We are well placed to leverage the expertise of our local team in opportunistic investment," commented ConvergenCE Managing Director Alan Vincent. "Our new in-house funds are focused on achieving above-market returns primarily in offices and logistics, by realizing the full potential of development land and older existing buildings."
The company says that its very selective in building its presence on the Hungarian investment market, having already completed transactions on its own account valued at EUR 20 million, in addition to the past track record of over EUR 200 mln in co-investment deals since its establishment.