News Article Budapest FLE Hungary investment JLL office
by Ákos Budai | Investment

FLE GmbH, a company of the LFPI group, has acquired its first property in CEE from an international institutional seller. The acquisition relates to the office building Office Garden I in the Southern Buda area of Budapest, that is 93 percent leased and offers 16,000 square meters of leasable space. The seller was represented by JLL.

The tenancy structure of Office Garden I is dominated by international tenants, the most important among which are Tata, Hewlett Packard, and Sophos. The building was constructed in 2008 and is situated in an upcoming office location that has continuously been enjoying the lowest vacancy rates in Budapest. The parties to the transaction have agreed not to disclose the purchase price and other details. 
Dr. Alexander Klafsky, managing director of FLE GmbH, illustrates: „We have been and still are very active on the German and Austrian market. However, following an active portfolio strategy we are about to enter new markets and most particularly the CEE area. Our investment targets are modern office properties in inner-city locations with very good infrastructure, high occupancy, strong tenants, and sustainable cash flows. All of these criteria are perfectly matched with our new property, Office Garden I. We see a multitude of interesting opportunities in the market and are negotiating several new acquisitions in the region.“ 

FLE GmbH with its seat in Vienna was founded in 2007 and is part of the French LFPI group. LFPI is an independent international multi asset manager with more than €3 billion of assets under management in private equity, real estate, debt and other fields of asset management. The real estate funds managed by LFPI group are owners of approx. 200 real properties with an estimated net value of more than €2 billion. FLE GmbH is investment advisor of several real estate funds. These funds target office and retail assets as well as low budget hotels with a purchase price from €2 to €50 million per asset in Germany, Austria, and CEE.