The DACH regional asset manager of France’s international multi asset manager, LFPI, has acquired the 14,200 m2 Vizivaros Office Center in Budapest.
FLE GmbH FLE GmbH has invested in the asset which is no longer core to the portfolio of seller, CA Immo.
The asset s located in the “Central Buda” office submarket in western part of Budapest, and is 96% let with annualized gross rental income of around €2.5 mln as at 31 December 2022.
Keegan Viscius, CIO of CA Immo, said: ‘This successful sale in Budapest is another step in our capital rotation programme where we seek to divest assets with no strategic fit in our long-term portfolio while improving our portfolio and cash flow quality.’
Overriding targets of the portfolio strategy are to increase portfolio quality to ensure long-term competitiveness and to expand the core markets of Germany and Austria to more than 80% of the total portfolio in the medium term.
CBRE Hungary acted as exclusive financial and real estate advisor in the sale process, Cerha Hempel Hungary as legal advisor to CA Immo.
