ConvergenCE acquires office buildings in central Budapest for Europa Capital
ConvergenCE Hungary has completed the acquisition of a portfolio of office buildings in Budapest, on behalf of Europa Capital and its pan‐European investment fund, Europa Fund IV.
The portfolio comprises three office buildings, Kálvin Centre, Duna Office Centre and Baross 52, with a combined GLA of close to 30,000m². Duna Office Centre, which occupies a prime position on the popular ‘Váci Corridor’, will be subject to a comprehensive refurbishment to offer highly specified but cost effective space for large tenants. Both Kálvin Centre and Baross 52 will also be improved in order to enhance the quality of the office environment to both existing and prospective tenants.
ConvergenCE Hungary, with whom Europa Capital developed the successful Eiffel Square building in Budapest, identified, negotiated and executed the EUR 30 million acquisition and will be responsible for the asset management of the Portfolio. With its multi‐skilled local team, ConvergenCE will deliver the proposed refurbishment, repositioning and re‐leasing of the Portfolio.
Alan Vincent, Managing Director of ConvergenCE commented: “It is a pleasure to mark our ten year cooperation with Europa Capital with this significant opportunistic acquisition. These buildings are each in excellent locations and will greatly benefit from investment and hands on management within the near future.”
Robert Martin, Principal and Head of Central Europe at Europa Capital, commented: “The acquisition of this Portfolio fits within our strategy of acquiring well located buildings in principal capital cities in the CEE region that are fundamentally sound, but are under‐capitalised and require intensive asset management in order to fulfil their potential. The purchase price ensures we are able to offer attractive terms to tenants in order to secure new leases in order to underpin the value of the Portfolio in a concise timeframe”.