Vienna-based developer-investor Warimpex has purchased an office building in Budapest from CCE Investment, and sold a plot of land in the Hungarian capital to Stonehill and student housing developer IC Campus.
Financial details were not disclosed.
The Austrian investor acquired the B52 Office building, which is located in the heart of the Pest area at Baross utca 52 and covers 5,200 m2. It was built in the early 2000s and underwent an extensive renovation from 2012 to 2016. The asset is currently fully occupied, and the rental agreements will remain in effect after the purchase.
'We are excited about the fact that we were able to expand our office property portfolio with an asset that is already fully let out and will thus provide ongoing income starting immediately,' said Warimpex CEO Franz Jurkowitsch.
'This is also in line with our strategy to gradually increase our cash flow following the partial portfolio sale last year. The Budapest office market is developing very well.'
Warimpex has also signed the sale of a building plot with an area of over 3,000 m2, also located in Budapest. The deal is scheduled to be closed in the second quarter. The purchaser is Stonehill in cooperation with IC Campus, the Germany-headquartered international student housing developer.
