On November 9, 2021, S IMMO AG has announced it expanded its portfolio in Hungary with the acquisition of the BudaPart Gate office building from Market Asset Management.
According to the company, the LEED Gold-certified Class A office building has a lettable area of around 20,000 square meters and is fully let and generates around EUR 4 million annually in rental income. It is located at the entrance to the BudaPart area, “the largest urban development area in Budapest with an attractive mix of office, residential, retail, gastronomy, entertainment, and local recreation.”
BudaPart Gate exactly matches our vision of a high-quality, modern and sustainable office building,” commented S IMMO AG Management Board Member Herwig Teufelsdorfer. “We are very pleased to have expanded our portfolio in Budapest with a property that is ESG-compliant across the board. With this purchase, we have followed our strategy of reinvesting the proceeds from the sale of our CA Immo shares. The property’s high occupancy rate and earning power will have an immediate positive impact on our cash flow.”
TPA, Colliers, and Drees & Summer advised S IMMO on the deal. According to CEE Legal Matters, Schoenherr advised S IMMO while HP Legal Hajdu & Partners advised the seller. The two parties have agreed not to disclose the purchase price.