Europa Capital has concluded the sale of a portfolio comprising two city centre office buildings in Budapest with a total floor area of approximately 26,000 sqm. KGAL, a European asset and investment manager, acquired the Kálvin Square and CityZen assets on behalf of institutional investors. The combined price for the portfolio is approximately €60 million. The property management will be carried out by KGAL´s local partner ConvergenCE. 

An international investment consortium comprising Wing, Morgan Stanley Real Estate Investing and CC Real has sold the West End Business Center office building in Budapest to OTP Property Investment Fund.

Immochan Romania has acquired Coresi Business Park in Brasov from Jacobs Holding. The 40,000 sqm office project is located next to Immochan’s retail and residential developments. The transaction price has not been disclosed.

Arcona Capital has finalised the acquisition of the Maris office building in Szczecin, Poland from Bywater Properties for approximately €8.9 million. Following this acquisition, Polish assets now account for 40.5 percent of the portfolio of Arcona’s Arcona Property Fund. 

Pan-European fund manager Aerium has sold a shopping centre in Brno to CPI Property Group, for an undisclosed sum. Built in 2004, Kralovo Pole Shopping Centre comprises of a two-level gallery with 78 shops and a food court, providing a total of 26,500 sqm GLA plus 900 parking spaces. It is anchored by a Tesco hypermarket.

Union Investment has sold the 18,000 sqm office property Krisztina Palace in Budapest. The property was acquired in 2008 as a development project and has been part of the portfolio of the open-end real estate fund Unilmmo: Global ever since. The property has been purchased by the Erste Open-Ended Real Estate Investment Fund, managed by Erste Asset Management, the asset management arm of Erste Group. CBRE brokered the transaction and the legal firm CMS provided legal advice. 

South African fund Hystead has acquired of The Mall, one of the largest shopping centres in Bulgaria, located in the capital city Sofia. The acquisition, upwards of €156 million, represents the fourth investment in the region by Hystead Limited, a joint venture between Hyprop Investments and Homestead Limited, who previously acquired the Delta City shopping centres in Podgorica and Belgrade alongside Skopje City Mall in Macedonia at the end of 2016. 

The EPISO 4 opportunistic fund, advised by Pan-European real estate manager Tristan Capital Partners, has acquired the Avenir Business Park office complex in Western Prague from debt restructuring firm Lone Star.

CTP recently closed on two acquisitions, known among the CEE real estate industry as the Aviva and IPEC deals. The company acquired two buildings in the Czech Republic and two buildings in Romania. At the same time, CTP disposed of two non-core assets in Bratislava and Prague.

Warburg-HIH Invest Real Estate, a German based real estate investment manager, will acquire the Sagittarius Business House office scheme in Wrocław on behalf of an individual fund it manages for an institutional investor. The property is under construction and its completion is expected in Q1 2018.