Vienna-based investment manager GalCap Europe acquired Merkur Palota, a fully-renovated office building in Budapest on behalf of a separate account administered by Institutional Investment Partners. The deal was carried out ultimately for a major German pension scheme. The 8,000 sqm property is located in the VI. District of Budapest, within walking distance of the Opera house and Andrassy street. Prezi.com has its European headquarters in the building. GalCap Europe was set up in 2015 by Dr. Manfred Wiltschnigg, Marco Kohla (who have worked together in the past) and Paul Hallam. The company currently has six clients for whom it is looking for investments across the CEE region, including Vienna. Wiltschnigg says however that Budapest is currently one of the best markets to look for attractively priced assets, compared with Prague, Warsaw and Vienna, which have become extremely hot. GalCap revealed that the deal was brokered by CBRE and that it used the legal services of CHSH Dezső & Partner.
