Austrian investor Erste Asset Management has acquired an office tower in Budapest from developer Futureal Group for its Erste Real Estate fund.
Financial details were not disclosed.
The property, dubbed Advance Tower, is located on the Váci road office corridor, and is WELL and BREEAM pre-qualified.
According to Futureal, Erste has acquired the first phase of the complex developed by the group, with an option on the second phase after signing a 'pre-agreement'.
'With the current transaction, we are realising the second successful deal with Erste investment fund,' said Tibor Tatár, CEO of Futureal.
'The acquisition of Vision Towers and Advance Tower proves the high standard of quality of Futureal Group’s developments that we will continue to guarantee for our partners in the future,' Tatár added.
Advance Tower's first phase was occupied last year, with 1,400 employees moving into the premises. Tenants of the eight storey building include KPMG Global Services and Thermo Fisher Scientific.
The second phase with a GLA of 8,000 m2 will expand the complex to a total GLA of over 20,000 m2, with handover expected in the second half of 2019.
