Optima Investment Ltd., which manages the assets of the Central Bank of Hungary’s Pallas Athené Foundation, has sold the majority stake of its Budapest development project, located on the Váci Road office corridor, to internationally-based Chi Fu Investment Group.
Optima Investment Ltd. acquired the property, located at Váci Road 160-168 and comprising three plots of land, back in 2016 for HUF 17.2 billion. Optima now sold 60.4% of its stake at a valuation of HUF 22.8 billion, making a profit of HUF 3 billion on the investment so far.
Optima previously stated that it plans to develop a 140,000 sqm mixed-use complex with office and retail components on the 7.5-hectare site.
The new majority owner, Chi Fu Investment Group, operating in China, Hong Kong, Taiwan and the United States, plans to continue the project started by Optima in accordance with the existing real estate development concept. The buyer has previously made numerous private equity investments in renewable energy, health services and technologies, pharmaceutical and biotechnology, the food industry and the real estate market, according to Hungarian news agency MTI.
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