CA Immo completed the sale of the IP West office building in Budapest. The buyer is BYD, a Chinese company that develops and manufactures rechargeable batteries, electric vehicles, rail transit systems, and other new energy technologies, as confirmed by Colliers. The agency represented the buyer in the transaction and provided project management services. The sale was also supported by CBRE and CERHA HEMPEL Rechtsanwälte.
“The company will employ over 2,000 people at its new headquarters that will serve as the central hub for BYD’s European operations, driving innovation, covering research and development and high-value-added services," Kata Mazsaroff, CEO of Colliers Hungary, commented on LinkedIn.The office building offers approximately 32,100 sqm of leasable office space and around 800 parking spaces.
The divestiture represents a key step in CA Immo's strategic realignment away from the Hungarian market. Keegan Viscius, CEO of CA Immo, said: “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 in our core markets.”
After selling the Vizivaros Office Centre office building in May 2023, CA Immo's Supervisory Board reclassified Hungary as a strategically non-core market and started the process of exiting the country in June 2023. No buyer for the whole portfolio has emerged since then and the company still owns four office complexes (Bartók Ház, Capital Square, City Gate and Millennium Towers) in the Hungarian capital with a total GLA of 148,000 sqm, according to its website.
