Allianz Real Estate has added a fully-let 23,500sqm office building to its real estate portfolio in Hungary.

The manager, acting on behalf of several Allianz group insurance companies, said it has bought the Eiffel Square office building in Budapest for an undisclosed sum.

As previously reported, KGAL bought the office building in 2016 from UK fund manager Europa Capital.

The 10-year-old complex has seven above-ground floors including 5,000sqm of retail, restaurant and services units located on the lower levels and over 350 underground parking spaces.

The latest deal adds to Allianz Real Estate’s portfolio in Central and Eastern Europe, which includes the Bank Centre office building, the Allee Shopping Centre mall in Hungary, and the 18,233sqm Trimaran office building in Prague.

Thomas Villadsen, head of Austria and CEE, Allianz Real Estate, said: “We are pleased to have successfully completed this transaction despite the current environment. Eiffel Square is a very high-quality asset providing long-term, stable cash flows underpinned by strong tenants.

“This new deal fits well within Allianz Real Estate’s investment strategy as we expand our presence in Budapest.”

Annette Kröger, CEO North and Central Europe at Allianz Real Estate, said: “I am delighted that we can announce another equity deal in Budapest as we continue to build our CEE presence and further diversify our allocation in the CEE region.

“We remain focused on acquiring high-quality assets in key European metropolitan areas; Eiffel Square fully matches this strategy.”

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