Central and Eastern Europe (CEE) asset manager GTC has added two office properties worth €160m to its Hungarian portfolio.

GTC has bought the 21,100sqm Ericsson Headquarters and the 20,700sqm Siemens Evosoft Headquarters in Budapest.

GTC said the acquisition is in line with the company’s strategy of ”refreshing its portfolio to newer, more modern buildings and focus exposure on office developments in the CEE region as well as fulfil the policy of investing in projects which comply with eco-friendly standards”.

Ariel Ferstman, CFO at GTC, said: ”Acquisition of the Ericsson Headquarters and the Siemens Evosoft Headquarters will complement and further boost our green office portfolio in CEE. Those two properties with a combined net operating income of €8.9m will contribute significantly to our funds from operation generation.

”We aim to finance the acquisition with our own funds combined with bank financing and green bonds issued in late 2020 and early 2021.” 

GTC’s office portfolio in Hungary currently comprises six office assets, including Duna Tower, Váci Greens D, Center Point I and II, and GTC Metro. The company is also developing Pillar, a development that will offer 29,000sqm of office space.

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