Allianz Real Estate has expanded its footprint in Hungary with the acquisition of Eiffel Square, a prime office building located in Budapest’s central business district.
The property was secured in an off-market transaction for an undisclosed amount.
The 10-year-old complex is one of Budapest’s largest office schemes, providing 23,500 m2 of space over seven storeys. It is fully occupied by a diverse set of tenants including Medicover, Dealogic and BNP Paribas. Overlooking the Western Railway Station – designed by Gustave Eiffel, Eiffel Square also offers 5,000 m2 of retail, restaurant and services units located on the lower levels and over 350 underground parking spaces.
The acquisition strengthens Allianz Real Estate’s portfolio of prime assets in the CEE region, which includes Bank Centre, a premium landmark office building, the Allee Shopping Centre, one of the top five shopping malls in Hungary, and Trimaran, a 18,233 m2 office building in Prague acquired in early 2019.
‘We are pleased to have successfully completed this transaction despite the current environment,’ said Thomas Villadsen, head of Austria & CEE, Allianz Real Estate. ‘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 & Central Europe at Allianz Real Estate, said the deal further diversifies Allianz’s allocation in the CEE region. ‘We remain focused on acquiring high quality assets in key European metropolitan areas; Eiffel Square fully matches this strategy.’
