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Home Countries Hungary

S IMMO Buys BudaPart Gate in Hungary

Radu Cotarcea by Radu Cotarcea
November 24, 2021
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S IMMO Buys BudaPart Gate in Hungary
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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.

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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.

Tags: ColliersDrees & SommerMarket Asset ManagementS IMMO
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Radu Cotarcea

Radu Cotarcea

Radu is a Co-Founder and Editor of CEE Real Estate Matters. He is also the Managing Editor of CEE Legal Matters.

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CEE Real Estate Matters

CEE Real Estate Matters is an online and eZine format publication dedicated to the fast-moving real estate markets in Central and Eastern Europe. Our diligent team of journalists works tirelessly to bring about news and analysis in five key areas: residential, office, retail, logistics and proptech. We guide real estate professionals through the complexities of these sectors, from stand-out development projects and deals, to financing, legislation and big executive moves.


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Recent Posts

  • Szymon Mikolajczak Introduced as Vice President of Omida Solutions
  • Supeco Discount Supermarket Signs Lease at FunShop Park in Ploiesti
  • BIG Poland Acquires OTO Park Koszalin
  • Ibersol Acquires Former Quality Trend Hotel Zoo in Vienna
  • CPI Europe Sells Vienna Marriott Hotel to Evientro and Landfair European Dislocated Opportunities
  • White Star Real Estate Reports One Million Square Meters of GLA in Poland
  • GTC Group Releases 2024 ESG Report

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