Warimpex Finanz- und Beteiligungs AG announced the purchase of the B52 Office building in Budapest for an undisclosed price. The transaction was signed on 20 April 2018 and will be closed before the end of the second quarter. The seller is CCE Investment Kft., the investment arm of the prominent real estate investor and development company ConvergenCE.
“We are excited about the fact that we were able to expand our office property portfolio with an asset that is already fully let out and will thus provide ongoing income starting immediately. This is also in line with our strategy to gradually increase our cash flow following the partial portfolio sale last year,” said Warimpex CEO Franz Jurkowitsch, adding, “The Budapest office market is developing very well – the demand for centrally located office space with good transport connections is high, and the vacancy rate is currently at a record low. Therefore, we definitely see a great deal of potential in Budapest.”
The class A office building is located in the heart of the Pest area at Baross utca 52 and is easily accessible with public transport and by car. It was built in the early 2000s and underwent an extensive renovation from 2012 to 2016. With a total area of more than 5,200 sqm, the property offers flexible office layouts spread out over seven upper floors and a ground floor. Parking is available in the underground parking garage and in the parking lot in the inner courtyard. A total of 26 parking spaces are available. The office building is currently fully occupied, and the rental agreements will remain in effect after the purchase.
Independently of the purchase of B52 Office, in March Warimpex signed the sale of a building plot with an area of over 3,000 sqm that is also located in Budapest. The deal is scheduled to be closed in the second quarter. The purchaser is Stonehill in cooperation with IC Campus, who are respected international student housing developers.