AEW has bought two mixed-use properties in Hungary’s capital on behalf of a German separate account.
The real estate manager said it acquired the 7,800sqm Andrássy 11 & 12 neo-renaissance buildings located on the southern section of Andrássy Avenue in Budapest for an undisclosed sum.
Andrássy 11 is fully let, with Michael Kors occupying the retail on the ground floor whilst Andrássy 12 is partially let with Austrian shoe brand Hogl and Miniversum, a local railway museum.
Nikos Koulouras, AEW’s co-head of investments, said: “This acquisition provides our client with access to a high-quality investment that provides scope for value creation through active asset management.”
Koulouras said AEW retain a strong interest in the Hungarian real estate market, which continues to offer attractive investment opportunities, and is committed to broadening its wider portfolio in this market.
Lars-Henning Pylla, a fund manager at AEW, said the high profile location of these properties and its desirability to tenants were compelling attributes for this mandate’s first acquisition in Hungary and AEW is pleased to add another CEE growth market to this portfolio.