Pan-European real estate investment manager has partnered with developer ConvergenCE to acquire the Akad茅mia Business Center office building in Hungary鈥檚 capital.
said the acquisition was done on behalf of Europa Fund VI, the manager鈥檚 latest value add fund.
The 12,500sqm Akad茅mia Business Center building in Budapest is located on the banks of the river Danube, on the corner of Akad茅mia and Arany J谩nos Street.
Akad茅mia Business Center has until recently served as the headquarters for Raiffeisen Bank, but with the bank now fully vacated it offers a significant opportunity for refurbishment and repositioning, Europa said.
ConvergenCE, which has acted as a local partner to Europa Capital in Hungary since 2005 will be responsible for the local asset management.
Robert Martin, partner and head of Investments at Europa Capital, said: 鈥淎kad茅mia Business Center is in a top location and is an asset with a lot of opportunity to undertake our usual high standard of refurbishment with a focus on NZC pathway, wellness and occupier requirements.
鈥淧rime office availability in the heart of Budapest is scarce, underpinning the business case for the investment. On completion the property will be very attractive to those companies looking for a prestigious, downtown address with good wellness and sustainability credentials.鈥�
Jason Oram, partner, fund manager at Europa Capital, said: 鈥淭his investment demonstrates our conviction in a contrarian opportunity in the cycle for well-located office assets, as the market adjusts to the impact of the pandemic.
鈥淭he addition of Akad茅mia Business Center to our office portfolio offers another great opportunity to add value through extensive high-quality refurbishment, which we are confident of delivering through our well-established partnership with ConvergenCE.鈥�
Csaba Zeley, managing director of ConvergenCE, said: 鈥淲e are pleased to be partnering with Europa Capital again following the successful development of a number of projects including Eiffel Square, K谩lvin Square, B52 and CityZen, all of which have since been sold.
鈥淲ith its exceptional location and prominent fa莽ade, we believe Akad茅mia Business Center has the potential to be one of the most prestigious mixed-use commercial buildings in Budapest.鈥�
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