Investment management company JLL advised the seller on the disposal of the "K6" office building in Budapest, with the property acquired by a Hong Kong private investment fund partnering with Wigan Acquisitions, according to a press release sent to the Budapest Business Journal.
"K6" is located at Astoria in Downtown Budapest, at the junction of Kossuth Lajos utca and Károly körút in District V. Until the early 1980s, the plot was occupied by a small retail unit by S-Modell, and later turned into the state-owned Hungarian Art Gallery.
The property was completely refurbished in 2006, becoming a modern office building with 1,400 sqm Grade "A" office space and retail on the ground floor and six upper levels. "K6" operates with 100% occupancy, according to the press release.
"Office buildings situated in the CBD [Central Business District] are extremely sought-after by investors, but supply is very limited in this segment of the market," says Benjamin Perez-Ellischewitz, head of capital markets, JLL Hungary "Therefore, we managed to identify the purchaser, a Hong Kong private investment fund partnering with Wigan Acquisitions, very quickly."
"Following the successful acquisition of Austria House in early 2018, weʼve now grown our portfolio with the addition of the K6 office and retail building with Skyscanner and Utazom as tenants," Patrick Wigan, managing director of Wigan Acquisitions adds. "This further supports our co-investment strategy targeting prime city center office and retail buildings with relatively high yields, sustainable income and long-term capital appreciation."