The Vienna-based investment manager GalCap Europe has acquired a renovated palais in the centre of Budapest under its Eastern European mandate for an individual fund of a German pension scheme managed by Institutional Investment Partners. The property "Merkur Palota" is located in the central 6th district of the Hungarian capital, within walking distance of the opera house and the grand boulevard Andrassy út. The building with approx. 8,000 m² of rentable space was recently fully refurbished and now houses, among other companies, the European headquarters of Prezi.com, Hungary's most successful internet start-up. The ground floor is occupied by a restaurant and there are a total of eight apartments in the two top floors, all with terraces and impressive views over the city. The seller is a private investor. The parties have agreed not to disclose the purchase price.
"The markets of Central and Eastern Europe, in particular Budapest, still offer good purchase opportunities and attractive risk return profiles. We have several deals in the pipeline for our clients and will continue to increase activities in Eastern Europe", comments Marco Kohla, Managing Partner of GalCap Europe.
The transaction was overseen by the Real Estate team at CHSH Budapest headed by Wilhelm Stettner.