News Article German-based asset manager buys Budapest office building
by Ákos Budai | Investment

Park Atrium – one of the most recognisable Budapest office buildings, leased to Deloitte, ING and Roche - was sold last week. German-based Asset Manager Corpus Sireo - on behalf of one of their managed accounts - has purchased the building from Accession Fund managed by GLL Real Estate Partners for an undisclosed price believed to be in excess of €50 million.

Park Atrium is an architecturally contemporary office building located in the Central Pest submarket of the Hungarian capital. Constructed in 2004 and comprehensively refurbished in 2015, the property comprises 25,450 sqm of GLA arranged over ground and 7 upper floors, with 375 parking spaces. Park Atrium boasts LEED ’Gold’ Certificates for the interior design of Deloitte and ING’s premises. 

This is a key transaction for the Budapest investment market which continues to gather momentum and attract investors that have previously vowed to away from a market where they burned themselves during the crisis. Opportunities in the Hungarian capital are now being actively sought by core risk-averse buyers looking to re-enter the Budapest office market by acquiring assets offering defensive and long-term income stability.
 
Lakatos Köves, CBRE and Colliers represented the vendor in the transaction, whilst Baker & McKenzie and Cushman & Wakefield advised the purchaser.