News Article Allianz Real Estate Budapest Hungary investment off-market office
by Property Forum | Investment

Allianz Real Estate has purchased the Eiffel Square office building in central Budapest from Hungary’s Green Real Estate Development Investment Fund, managed by Equilor Fund Management, in an off market-deal facilitated by JLL. The transaction was signed in May and closed in early June. Even if several investment transactions were derailed by the Q2 lockdown in Hungary, the transaction progressed in line with the original time frame.

The prime asset, delivered in 2010, is located at the junction of the CBD and the Váci Corridor on a major transport hub of the city (train, metro, tram, bus). The 23,500 sqm asset is anchored by BNP Paribas Group, Dealogic, Grundfos and Agoda while Tesco, Yves Rocher, Costa Café and the private medical centre Medicover occupy the lower floor.

“We are very proud to have worked with our client Allianz Real Estate and the seller’s team on this important transaction of the first half of 2020. This deal was structured off-market and was mainly negotiated during the lockdown period. Our teams are now back in the office and we work hard to revive the dynamic of the market we had before the outbreak” commented Benjamin Perez Ellischewitz, Head of Capital Markets at JLL, who worked with his team on the transaction.