Europa Capital LLP, on behalf of Europa Fund II, and ConvergenCE have concluded a significant new loan to refinance Eiffel Square in central Pest, with pbb Deutsche Pfandbriefbank.
Eiffel Square is considered to be one of the leading office investments in central Budapest, due to its excellent location, quality of construction and full occupancy. The EUR 33 million refinancing from pbb Deutsche Pfandbriefbank closed at the end of 2013. The blue-chip tenant line-up includes Cetelem Bank, Mastercard, Sony AXN, Medicover Health Care Center and Tesco. The leasing and property management of Eiffel square is undertaken by ConvergenCE, owned and run by Alan Vincent. ConvergenCE is Europa Capital’s local country partner.
The 23,500m2 building was developed by Europa Capital together with ConvergenCE and DVM in 2009 on land adjacent to the Gustav Eiffel designed Western Railway Station, Nyugati, on Terez korut in central Pest. With excellent access to public and private transport networks, the office building also contains retail and restaurant units. The site also features a landscaped urban park, which has become a popular local attraction.
James Pennington, Senior Associate, Europa Capital added; “We are delighted to have concluded this new loan with pbb Deutsche Pfandbriefbank on Eiffel Square, based upon its sound property fundamentals. Having added significant value to the investment from leasing and management, we have now been able to return capital to our Fund Investors and joint-venture partners. This investment strategy is representative of Europa’s active asset management within its investments, working with ConvergenCE on the ground in Hungary and with its major banking relationships.”
Notes to Editors:
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.
Robert MartinPrincipal, Head of Central EuropePhone: +44 (0) 20 7881 6800
Gordon Simpson/ Charlotte Whitley/ Claire SciclunaRLM FinsburyPhone: +44 207 251 3801
ConvergenCEConvergenCE, country partner of the Europa Funds since 2004, is primarily an investment & development company which also provides asset management, property management and project management services in Hungary and Slovakia.
Since its establishment, the company has secured five development projects with a total investment volume of over €150 million in the office, retail and logistics sectors. ConvergenCE also has assets under management with a value of €120 million under management. The management of ConvergenCE have extensive experience in the region since 1992 and has developed over 200,000m2 of commercial office and logistics warehouse space in Hungary.
Alan A. Vincent, Managing DirectorPhone: (00 36 1) 225 0912Email: avincent@convergen-ce.comwww.convergen-ce.com
Deutsche Pfandbriefbank
pbb Deutsche Pfandbriefbank (www.pfandbriefbank.com) is a specialist bank for commercial real estate finance and public investment finance. Together with Germany, pbb’s focus is on Great Britain, France, the Nordic countries and selected countries in Central and Eastern Europe. The Bank is also active in other European countries. The bank plays an important role in supplying credit to the real estate industry and supports the public sector with financing for projects and measures designed to improve public infrastructure.
In real estate financing, pbb´s range of services is targeted at professional national and international real estate investors such as real estate companies, institutional investors and real estate funds. In Germany, the bank also targets medium-sized and regionally orientated clients. The focus is on the less volatile real estate types, including offices, retail properties, apartments and logistics. pbb focuses on medium to large-scale financing arrangements, and offers its customers local expertise and international know-how.
Walter Allwicher, +49 89 2880-28787, walter.allwicher@pfandbriefbank.comOliver Gruß, +49 89 2880-28781, oliver.gruss@pfandbriefbank.com
