Recorde Asset Management Announces Major Office Acquisition in Budapest

Recorde Asset Management, in strategic partnership with Chapel Hill Capital, announced the acquisition of Science Park, a 30,700 sqm office complex situated in the central zone of Budapest’s 11th District. This marks one of the largest office transactions of the year in Hungary and is a testament to Recorde’s ability to source and execute quality opportunities while leveraging market dislocation.

Science Park is a dominant, category ’A’ property hosting a balanced set of multinational and domestic companies with a strong bias towards innovative, technology-driven industries. The property’s strategic location offers convenient accessibility and amenities, while its close vicinity to several leading engineering and information technology universities gives tenants unique access to a relevant new talent pool. Concentrated energy efficiency measures have resulted in competitive operating costs and recently obtained BREEAM ’Excellent’ sustainability certification.

The purchase was completed by the Recorde Science Park Real Estate Investment Fund vehicle managed by Recorde AM, in partnership with Chapel Hill as co-investor/general partner and asset manager. Erste Bank Hungary provided acquisition financing for the transaction.

“Science Park fits well into Recorde’s strategy of seeking out high-quality, value-add investments with skewed risk/reward potential for our investors, and we believe our partnership with Chapel Hill will provide the optimal platform for the property to thrive in the years ahead,” commented Gábor Kutas, Founder and CEO of Recorde AM.

James Kinnell, Managing Director of Chapel Hill Capital, added: “We look forward to continuing the institutional-quality asset management of Science Park. We are fully aligned and motivated to execute our business plan, aiming to further bolster the asset’s occupancy, operating efficiency and sustainability credentials and thereby creating tangible value for all stakeholders.”