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 sqm 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.”
Savills Investment Management (Savills IM), the international real estate investment manager, transacted more than €3.6 billion globally in private real estate equity transactions in 2022 including c. €3.1 billion...