Hungarian property development and investment company Wingholding has acquired an office property in Budapest, Hungary from pan-European investor and asset manager M7.
Financial details were not disclosed.
The Liget Centre, a grade A multi-let office building, was divested by the M7 central European real estate fund I (M7 CEREF I).
M7 acquired the asset, which comprises a 7,000 m2 office building with underground parking for 111 cars and an adjacent auditorium, which is currently vacant, in 2017.
The asset manager said that it had managed to maintain 100% occupancy of the office building during its ownership, agreeing lease extensions with existing tenants including Omnicom Media Group and Walt Disney on improved terms. This raised the weighted average unexpired lease term from 1.73 years to 2.78 years.
'Within an efficient timeframe we have executed our business plan for the Liget Centre and sold the asset to a high quality buyer,' said Balázs Magyar, managing director Hungary at M7.
'Following initial works at the former auditorium, we have also created the potential for a new development at the scheme, which has also contributed to the realisation of an attractive return for our investors.'
