The Endurance Office and Retail Fund has acquired the Arena Corner Office Centre in Budapest for EUR 63 mln. The fund, which is managed by Orco Property Group, bought the building from developer Raiffeisen Ingatlan Zrt in July, Orco said in a statement on Wednesday.
The Endurance Office and Retail Fund has acquired the Arena Corner Office Centre in Budapest for EUR 63 mln. The fund, which is managed by Orco Property Group, bought the building from developer Raiffeisen Ingatlan Zrt in July, Orco said in a statement on Wednesday.
The Class A property consists of three towers interconnected with independent entrances designed by Hungarian architectural firm Lukacs and Vikar. The final stage of the construction was reached in June 2007 and the building was handed over last month by general contractor CFE. The asset has a leasable area of 28,000 m2 and 370 basement parking lots. Orco said full occupancy will be achieved in June 2008.
'We are delighted to acquire such a high quality office development already leased to significant tenant, Citibank. This lease is one of the biggest in Budapest and the deal itself must rank as one of the largest this year so far. The transaction represents a continued successful co-operation with one of the leading Hungarian real estate developers, Raiffeisen Ingatlan Zrt,' said Jeff Alson, Orco's director of investment acquisitions in the CEE region.
