Recorde Asset Management, in partnership with Chapel Hill Capital, has acquired Science Park, a 30,700 sqm office complex in Budapest's 11th District. The transaction represents one of Hungary's largest office deals this year.
Science Park is a category A property hosting multinational and domestic companies, with a focus on technology-driven industries. The property's location offers accessibility and amenities, while its proximity to engineering and information technology universities provides tenants access to talent. The building has obtained BREEAM certification for sustainability.
The purchase was completed by the Recorde Science Park Real Estate Investment Fund, managed by Recorde AM, with Chapel Hill as co-investor and asset manager. Erste Bank Hungary provided acquisition financing.
"Science Park fits well into Recorde's strategy of seeking out quality, value-add investments with risk/reward potential for our investors, and we believe our partnership with Chapel Hill will provide the platform for the property to thrive," said Gábor Kutas, Founder and CEO of Recorde AM.
James Kinnell, Managing Director of Chapel Hill Capital, added: "We look forward to continuing the asset management of Science Park. We are motivated to execute our business plan aiming to bolster the asset's occupancy, operating efficiency and sustainability credentials and thereby creating value for all stakeholders."
