The National Bank of Hungary is the surprise new owner of Eiffel Palace, a prime office building that was recently reconstructed in downtown Budapest by the developer Horizon. Media reports put the selling price at roughly €40m and they claim the development’s mortgage faclity from UniCredit has been retired. In reporting on the deal, the website portfolio.hu writes that as the national bank recently spent HUF 415m on a luxury hotel in Tiszaroff, it should prace itself for further political attacks. Market observers have confirmed that the deal does appear to have taken place, though the identity of the buyer does seem to have taken most people off guard. From a purely investment perspective, the building’s quality, location and tenants (PwC, Dentons and the British Embassy) appears to tick all the boxes.
