Frankfurt-based SEB Investment has acquired the 30,000 m[sup]2[/sup] Vendel Park located to the west of Budapest from flexible business space provider Segro for EUR 20 mln.
Frankfurt-based SEB Investment has acquired the 30,000 m2 Vendel Park located to the west of Budapest from flexible business space provider Segro for EUR 20 mln.
Segro acquired the site in December 2005 as part of its EUR 20 mln acquisition of the Central European property development arm of the company Grontmij. Phase one of the Park was completed in 2007 and has been fully let since February 2008. The second phase of the Park was completed in June 2008 and is 85% leased.
The Park is currently occupied by both Hungarian companies and international tenants including Gefco, Puma, Eurogate, Muller and Grundfos.
Inès Reinmann, Segro's chief operating officer for Continental Europe, said: 'Vendel Park was our initial entry point into the Hungarian industrial market. We have been very pleased with the development of the Park and the value that we have crystallised through its sale'.
Segro was advised by DTZ.
