Avison Young successfully mediated the disposal of two architecturally significant assets in Budapest's CBD on behalf of a US family office to local development company WING. Both are fully leased on a long-term basis.
Bathory Street 12 and Herzog Villa at Andrássy Avenue 93, acquired now by Hungarian developer WING are two fully leased single-tenanted office buildings enjoying prime locations within Budapest's CBD. They have been locally managed by Teichmann & Companions since its acquisition in 2015.
The seller commented, “We have recently secured the lease extension of our tenants in both buildings; hence this was perfect timing to dispose of the stabilized assets. Through this seamlessly executed transaction managed by Avison Young, we were able to successfully exit the Hungarian market while achieving excellent returns.”
The purchase of the two historic buildings fits seamlessly with WING’s long-term strategy, which in addition to development projects, includes the expansion of the company’s real-estate portfolio through the acquisition of properties offering significant potential and representing considerable value. Moreover, the preservation of Hungary’s architectural heritage, which defines the image of Budapest, forms a part of the mission of the Hungarian-owned company.
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