FLE acquires two office buildings in Budapest
Austriaʼs FLE GmbH has reinforced its position in Hungary by acquiring two new office properties in Budapest on behalf of the Luxembourg-based fund FLE SICAV FIS, according to a press release sent to the Budapest Business Journal.
The acquisition relates to two buildings, Residence 1 and Residence 2, at Kacsa utca 15-23 and Ganz utca 16, which were bought from an institutional seller. The assets together offer 19,000 square meters of leasable space and more than 250 parking lots.
The properties have been awarded the highest "platinum" certificate by the German Sustainable Building Council (DGNB). Both are almost fully leased to a mix of national and international tenants. The parties to the transaction have agreed not to disclose the purchase price and other details.
"We managed to enter the CEE market in 2016 and are very satisfied with our investments there," commented Alexander Klafsky, managing director of FLE GmbH. "Our targets are modern office properties and business hotels in inner-city locations with very good infrastructure, high occupancy, strong tenants, and sustainable cash flows. These requirements are perfectly met with Residence 1 and 2. Our investment plan for 2018 foresees additional acquisitions in Budapest for a volume of up to EUR 100 million, and we are confident of fulfilling that," he added.
FLE GmbH was founded in 2007 and is part of the French LFPI group, an independent international multi-asset manager with more than three billion euros of assets under management in private equity, real estate, debt, and other fields of asset management. The real estate funds managed by LFPI group own approximately 200 properties with an estimated net value of more than EUR 2 billion.
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