CIB Group, a subsidiary of Intesa Sanpaolo, is offloading three of its properties in Budapest. The properties include a landmark Neo-Renaissance building at Szabadsag ter 15 in the city’s fifth district. Refurbished in the 1990s, the building previously served as CIB Bank’s headquarters until 2013 when it was vacated with the exception of the ground-floor retail bank branch. The building comes with an adjoining ground-floor retail unit in the neighboring condominium on Honved utca. The price for both properties is €18m plus VAT.
CIB Group is also selling an office building next to the Canadian Embassy on the corner of Ganz and Medve in central Buda. It includes two interconnected towers. One of the towers was constructed in 2005/2006 while the other tower, built in the 1960s, will be redeveloped into either offices or accommodation. The property is on the market for €6.5m plus VAT.
Cushman & Wakefield was appointed to broker the sales. The three properties are being offered through a two-stage tender process. Non-binding bids must be submitted by the middle of November. Short-listed parties will be required to submit binding offers by late December. The handover of the assets is planned for March 2016.
