European fund manager Europa Capital has acquired a portfolio of three office buildings in central Budapest.
European fund manager Europa Capital has acquired a portfolio of three office buildings in central Budapest.
The investment volume came to €30 mln.
The portfolio comprises the Kalvin Centre, Duna Office Centre and Baross 52, with a combined lettable area of nearly 30,000 m2.
All three buildings will be refurbished and improved, in line with Europa Capital’s strategy of investing in well-located buildings to secure new tenants.
Convergence Hungary, which collaborated with Europa on the Eiffel Square development in Budapest, will be the asset manager of the portfolio.
Robert Martin, principal and head of Central Europe at Europa, said: ‘The acquisition of this portfolio fits within our strategy of acquiring well located buildings in principal capital cities in the CEE region that are fundamentally sound, but are under-capitalised and require intensive asset management in order to fulfil their potential.
‘The purchase price ensures we are able to offer attractive terms to tenants in order to secure new leases in order to underpin the value of the portfolio in a concise timeframe.’
Europa Capital is a real estate fund manager operating across Europe that has carried out 80 transactions across 18 countries worth a total of €8 bn since its foundation in 1995.
