Europa Capital (“Europa”) has completed another acquisition for its pan-European investment fund, Europa Fund IV, acquiring a portfolio of three office buildings in central Budapest, Hungary (“the Portfolio”).
The Portfolio, which is being acquired below replacement cost, comprises three office buildings, Kalvin Centre, Duna Office Centre and Baross 52 with a combined GLA of close to 30,000m2. Duna Office Centre, which occupies a prime position on the popular ‘Vaci Corridor’, will be subject to a comprehensive refurbishment to offer highly specified but cost effective space for large tenants. Both Kalvin Centre and Baross 52 will also be improved in order to enhance the quality of the office environment to both existing and prospective tenants.
ConvergenCE Hungary, with whom Europa developed the successful Eiffel Square in Budapest, will be responsible for the asset management of the Portfolio and will use their multi-skilled local team to deliver the proposed refurbishment, reposition and re-lease the Portfolio.
Robert Martin, Principal and Head of Central Europe at Europa, commented: “The acquisition of this Portfolio fits within our strategy of acquiring well located buildings in principal capital cities in the CEE region that are fundamentally sound, but are under-capitalised and require intensive asset management in order to fulfil their potential. The purchase price ensures we are able to offer attractive terms to tenants in order to secure new leases in order to underpin the value of the Portfolio in a concise timeframe”.
For further information, please contact:
Gordon Simpson/Claire Scicluna, Finsbury PR: + 44 20 7251 3801 Robert Martin, Europa Capital Partners +44 02 7881 6800
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors. Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management.
Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.