Union Investment sells Budapest office building to Erste fund

27
Jul
2017
News - Union Investment sells Budapest office building to Erste fund #Budapest #CBRE #Erste Ingatlan #Hungary #investment #office #Union Investment

by Ákos Budai | Investment

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. 

The property was fully occupied as at the date of the sale. Additionally, Krisztina Palace holds a BREEAM Very Good certification. The largest tenants in the building include the pharmaceutical and consumables manufacturer Johnson & Johnson, the airline Emirates and the IT firm Eaton Enterprises. There are also restaurants and retailers on the ground floor. 

Following the sale of Krisztina Palace, Union Investment no longer has any Hungarian properties in the portfolio of its fund.

Budapest CBRE Erste Ingatlan Hungary investment office Union Investment


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