MCAP Global Finance, the London-based subsidiary of global investment manager Marathon Asset Management, has made its first foray in the Hungarian commercial real estate market with the purchase of the Népliget Center Office Building for an undisclosed price.
Népliget Center comprises 28,300 m2 of office accommodation and 450 parking spaces. Current tenants include Ericsson, DHL, Philips, and the Hungarian National Railway.
The complex was built in two phases: the first phase included 9,200 m2 of space and the second phase a further 16,600 m2 across two buildings delivered in Q2 2010.
The buyer was advised by Lodge & Partners, which will oversee the local asset management of the building.
'We are delighted to have acquired Népliget Center, our first acquisition in Hungary and within the CEE region. This is an excellent asset with good property fundamentals including exceptional access to Budapest’s public transportation network. As part of our business plan we aim to optimise the building and have identified opportunities to further enhance our current and future high-quality tenant occupation,' said Klaus Schmid, director at MCAP Global Finance.
