Morgan Stanley Real Estate Investing (MSREI) has confirmed the consortium acquisition of 107,200 m2 of prime retail and office space in the Hungarian capital Budapest.
Morgan Stanley Real Estate Investing (MSREI) has confirmed the consortium acquisition of 107,200 m2 of prime retail and office space in the Hungarian capital Budapest.
The investment volume for the three-asset deal was not disclosed, but Germany's Pbb Deutsche Pfandbriefbank and Erste Bank of Austria said they provided €126 mln financing for the transaction.
MSREI was partnered in the deal by Hungarian developer-investor Wing and Austrian shopping centre specialist CC Real. The vendor was a fund managed by AEW Europe.
The two largest assets are located in the Buda district of the Hungarian capital: MOM Park, a 50,000 m2 prime shopping mall and office property and the West End Business Center Offices, which includes 28,000 m2 of office space and a total GLA of 43,500 m2. The third asset is EMKE, a 13,700 m2 office building on the Pest side of Budapest.
'This investment is consistent with our strategy of buying good quality assets with the potential to improve underlying performance through asset management initiatives,' said Brian Niles, head of MSREI EMEA. 'We look forward to working with Wing and CC Real to manage the asset as we seek to deliver additional value to our investors.'
