The OTP real estate fund has acquired the Roosevelt office building in Budapest from GLL Real Estate Partners. The 26,000 sqm class A property is located on Szechenyi Square. It was built in 1980 and completely reconstructed in 2006. The property was refurbished by former owner three years ago. The building offers 24,200 sqm of office space as well as 1,800 sqm of retail on the ground floor and is currently 95 percent leased. “While in recent years Hungarian real estate funds were in the grip of heightened acquisition pressure due to the intense inflow of capital, this year focus has shifted to regulatory changes and an increasingly tense yield competition,” said Nandor Toth, CEO of OTP. “In my view, the acquisition of the premium-category Roosevelt office building holds great significance for our investors, as in the future this property will greatly contribute to maintaining and also increasing the yield of our Real Estate Fund, while also keeping it well-balanced.”
