CA Immobilien Anlagen AG has completed the sale of the IP West office building in Budapest to BYD, a company based in Shenzhen, China, that produces automobiles, electronic parts and assembly, automotive components, and electric vehicle batteries, among other things.
According to a CA Immo press release, “the sale emphasizes the high quality of the CA Immo portfolio in Budapest and is an important step in the strategic withdrawal of the company from the Hungarian market. After a quiet period for the office investment sector in Budapest the IP West transaction reflects renewed interest and focus in Budapest offices which has seen an over correction in pricing.”
“The successful completion of the sale of IP West marks the beginning of our strategic withdrawal from the Hungarian market,” said CA Immo CEO Keegan Viscius. “The sale will enable us to strengthen our commitment to our core markets and further sharpen our strategic focus. CA Immo is pursuing a clear objective of concentrating on high quality, class A office buildings in central locations on our core markets.”
The IP West office building consists of around 32,100 square meters of leasable office space and approximately 800 parking spaces. It is located in the 11th district of Budapest, in southern Buda, west of the Danube between the Petofi and Rakoczi bridges.
CBRE and the Cerha Hempel law firm advised CA Immo on the sale.