Europa Capital sells its Budapest office portfolio
ConvergenCE is pleased to announce that it has completed the sale of the Kalvin Square and CityZen office buildings on behalf of Europa Capital.
The two buildings were identified by ConvergenCE as ideal opportunistic investments and acquired in April 2015 before the investment market in Budapest revived.
On behalf of the owners, ConvergenCE project management undertook a substantial renovation of both buildings and its marketing and leasing services successfully leased up the vacant offices and extended existing leases in order to maximise the value of the properties.
As local asset and property managers to Europa Capital in Hungary since 2005, ConvergenCE has delivered high opportunistic returns to Europa Capital fund investors, as it did with the Eiffel Square development, which was sold in 2016. Commented Alan Vincent, CEO of ConvergenCE: “This transaction demonstrates how ConvergenCE works with international cross border investors to provide a trustworthy local partner in Hungary providing a “one stop shop” from acquisition through disposal, which delivers outstanding returns to its investors.”
ConvergenCE will continue to provide local management services to the buildings new owners KGAL.