Hamburg-based property investor LB Immo has acquired an office building in in Budaörs, Hungary, for an undisclosed amount. Cushman & Wakefield advised the company on this off-market acquisition. The vendor is hmh Holding, an international developer.
Hamburg-based property investor LB Immo has acquired an office building in in Budaörs, Hungary, for an undisclosed amount. Cushman & Wakefield advised the company on this off-market acquisition. The vendor is hmh Holding, an international developer.
The 4,000 m2 office building forms part of the Terrapark development, Budapest's main office park located on the periphery of the city. The property is fully let to a single tenant, Invitel, Hungary's leading telecommunications provider. The transaction follows closely on the heels of JP Morgan's acquisition last year of a 26,000 m2 office located at Terrapark, in which Cushman & Wakefield also advised the purchaser.
Terrapark, which was developed by a joint venture of Germany's Terrafinanz and hmh Holding, comprises some 30 office buildings, residential buildings and green area. Tenants of the out-of town office development include CIBA, British American Tobacco, PET and Cap Gemini.
