S Immo Hungary closed a major deal by selling one of its Budapest office buildings. The transaction was conducted after a longer negotiation period. Twin Office Center was part of the company’s portfolio for 14 years, operating with 100% occupancy. Neither the name of the buyer nor the transaction price has been disclosed.
As part of the restructuring of its portfolio, S Immo Hungary sold Twin Office Center, an 8,000 sqm office building located in the 13th District. The company purchased the building in 2005 and after the leaving of the previous tenant, it was fully let again within a year, following an extensive technical renovation. The façade and the lobby were completely refurbished, a new customer service area was created and the entire mechanical system was modernized.
Géza Barabás, managing director of S Immo Hungary said: “I think we made a good match at the beginning by finding a tenant for the building. Proof of this is that the building has been operating with full occupancy while it was in our portfolio. We would like to thank CBRE’s property investment team, and especially Zsolt Jakab for supporting us during the negotiations. We are also grateful for the legal representation by Dr. Szabolcs Perlaki at OPL Law Office.”
