Vienna-based developer Warimpex has sold the renovated Pauler office building in Budapest to an international private buyer. Company spokesman Christoph Salzer said the price for the relatively small asset was below EUR 10 mln. The exact investment volume for the 3,000-m[sup]2[/sup] asset was not disclosed but Warimpex said it was sold above fair value as appraised by CB Richard Ellis in June 2008.
Vienna-based developer Warimpex has sold the renovated Pauler office building in Budapest to an international private buyer. Company spokesman Christoph Salzer said the price for the relatively small asset was below EUR 10 mln. The exact investment volume for the 3,000-m2 asset was not disclosed but Warimpex said it was sold above fair value as appraised by CB Richard Ellis in June 2008.
'This deal shows, that even in these hard times on the financial markets, it is possible to set up good transactions - given a high quality property such as the Pauler office building,' says Franz Jurkowitsch, CEO of Warimpex.
Pauler consists of about 3,000 m² net leasable office space. Pauler office building was constructed in 1995 and was acquired by Warimpex in February 2006. Renovations were completed by the end of 2007, and the building is fully rented out today. The property consists of approximately 3,000 m² net leasable office space, over eight floors and a two-level underground parking garage.
After selling the Pauler office building, Warimpex now owns the Csalogany, Erzsebet, Dioszegi and Sajka office buildings in Budapest, which together have a total net floor space of around 16,000 m2.
