Europa Capital, together with its local partner ConvergenCE, has concluded the sale of Eiffel Square in Budapest to the German institutional buyer, KGAL. The building is on the Pest side of the Danube river in the city’s CBD, located across from Nyugati Railway Station. The 23,500 sqm building rises seven floors and is leased to companies such as Cetelem (a BNP Paribas subsidiary) and Medicover. It offers three levels of underground parking and ground floor retail, including a Tesco store.
Eiffel Square was developed by Europa Capital together with its joint venture partners and has leased strongly since being completed in 2010. A unique feature of the investment is the adjacent open public park space, which provides green landscaping, seating and outdoor performance areas. CBRE represented the vendors.
“This prime asset is widely considered to be one of the best prime office properties in the Budapest market, evidenced by the high retention rate of its occupiers,” said Robert Martin, Principal and Head of Europa’s Central Europe region. “Since completing the development, we have stabilised the project into a high quality institutional grade investment. This sale is completed at a time when the Budapest capital market, having recovered from the global financial crisis, is entering a period of strong growth.”
