ConvergenCE acquires Árpád Center office building in Budapest
The boutique investor, asset and property manager ConvergenCE has closed the acquisition of the Árpád Center office building in Budapest. The multi-let office building totals 5,400 m2 with 63 parking spaces and is located at the foot of the Árpád Bridge in a strongly developing office hub. This is the third in-house investment by ConvergenCE.
After 15 years of co-investment and asset, property and project management provision with large cross border real estate investors such as Europa Capital and JPMorgan, ConvergenCE commenced its own independent investment activities in 2017 with the purchase of the Baross 52 office building. This was followed by the acquisition of 7.4 hectares of industrial and logistic land on the M7 motorway in 2018 and the recent Árpád Center purchase.
Commented Alan Vincent, Managing Director of ConvergenCE:
„We are well placed to leverage the expertise of our local team in opportunistic investment. Our new in-house funds are focussed on achieving above market returns primarily in offices and logistics, by realising the full potential of development land and older existing buildings.”
Having already completed transactions on its own account valued at €20 million in addition to its past track record of over €200million in co-investment deals since its establishment, ConvergenCE is very selectively building its presence in the investment market in Hungary.