GalCap Europe acquires its second building in Budapest
GalCap Europe, a Vienna-based international investment and asset management company, acquired Central Udvar as its second property after the Merkur Palota in Budapest. The purchase was made on behalf of a separate account for a German pension scheme, administered by Institutional Investment Partners. Central Udvar mixed-use complex in the heart of the city offers excellent accessibility and high-standard office environment with a wide range of superb amenities in the surroundings. CBRE has advised GalCap Europe to purchase the building in an off-market deal. Legal advice to GalCap Europe was provided by CHSH Dezső & Partner.
Central Udvar is centrally located in the 7th district close to Deak Square and Astoria. It offers 16,780 sqm leasable ‘A’ category office, storage and hospitality space with 215 parking places in the underground garage. Central Udvar is proud to have UNICEF as its largest occupier. In addition, the modern downtown business campus provides office areas for several international organizations and well-known agencies and technology companies. The office functions are seamlessly complemented by Maverick City Lodge, which combines modern design and historical style in the city centre. Buyer and seller agreed not to disclose any purchase price details.
GalCap Europe was founded in 2015 by Dr. Manfred Wiltschnigg, Marco Kohla and Paul Hallam, and has since established itself as a specialized investment and asset manager for the Austria & CEE region. In addition to pension funds and insurance companies from the German-speaking countries, clients include American and UK-based private equity funds, for which GalCap Europe acts as local partner in the region.
Marco Kohla MRICS, Managing Director of GalCap Europe, commented: “Central Udvar perfectly fits our strategy of high-quality assets in the most central locations. We will further expand our investment activities in Budapest, Warsaw, Prague and Vienna this year. The dynamics in these markets remain exceptional, underpinned by strong fundamentals.”
Zsolt Jakab MRICS, Senior Investment Consultant at CBRE, said: “We congratulate GalCap to its newest acquisition, as a great example that an experienced investor can acquire outstanding properties even in a competitive real estate investment market. We are glad that GalCap trusted CBRE to provide buy side transactional due diligence and underwriting services for both of it Hungarian acquisitions.”