Europa Capital, together with local partner ConvergenCE, has concluded the sale of Eiffel Square in Budapest to the German institutional buyer, KGAL.
Eiffel Square is a landmark office building in Budapest’s CBD, located opposite the Eiffel designed Nyugati Railway Station.
The building comprising 23,500 sq metres of accommodation, arranged over seven floors, with a flexible configuration to suit larger and smaller businesses. The investment is multi-let with significant occupiers which include Cetelem (a subsidiary of BNP Paribas) and Medicover. The office space is complemented by three levels of underground parking, retail units, including a Tesco store, and restaurant space.
Eiffel Square was developed by Europa Capital together with its joint venture partners. The fully leased building has enjoyed consistently high occupancy since its completion in 2010, reflecting its strategic location, attractive design and high standard of maintenance. A unique feature of the investment is the adjacent open public park space, which provides green landscaping, seating and outdoor performance areas.
Robert Martin, Principal and Head of Europa’s Central Europe region, said:’This prime asset is widely considered to be one of the best prime office properties in the Budapest market, evidenced by the high retention rate of its occupiers. Since completing the development, we have stabilised the project into a high quality institutional grade investment. This sale is completed at a time when the Budapest capital market, having recovered from the global financial crisis, is entering a period of strong growth.’
CBRE represented the Vendors.
For further information, please contact:Gordon Simpson/Elizabeth King, Finsbury: + 44 20 7251 3801
About Europa Capital:
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 has collectively raised 9 real estate funds and committed to over 90 transactions totalling some €9.0 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.
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.
Further information can be found at www.europacapital.com
KGAL GmbH & Co. KG, a German based asset and investment manager, with registered offices in Grünwald near Munich (Germany) has been initiating and managing long-term real capital investments with sustainable and stable yields since 1968. The company’s portfolio of services comprises the design and management of funds for institutional investors. The quality of KGAL products in the main asset categories of real estate, aviation and infrastructure is based on the experience of its in-house experts.
As of December 31st 2015, the KGAL Group manages an investment volume of EUR 21.7 billion. KGAL currently manages capital for 99,000 investors (incl. multiple subscriptions) with equity investments in a total of 116 active limited partnership funds. Investors have entrusted EUR 7.3 billion in equity capital to KGAL for these funds. The KGAL Group has 337 employees (as of 31.12.2015).