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Europa Capital sells its Budapest office portfolio

ConvergenCE is pleased to announce that it has completed the sale of the Kalvin Square and CityZen office buildings on behalf of Europa Capital.

The two buildings were identified by ConvergenCE as ideal opportunistic investments and acquired in April 2015 before the investment market in Budapest revived.

On behalf of the owners, ConvergenCE project management undertook a substantial renovation of both buildings and its marketing and leasing services successfully leased up the vacant offices and extended existing leases in order to maximise the value of the properties.

As local asset and property managers to Europa Capital in Hungary since 2005, ConvergenCE has delivered high opportunistic returns to Europa Capital fund investors, as it did with the Eiffel Square development, which was sold in 2016. Commented Alan Vincent, CEO of ConvergenCE
“This transaction demonstrates how ConvergenCE works with international cross border investors to provide a trustworthy local partner in Hungary providing a “one stop shop” from acquisition through disposal, which delivers outstanding returns to its investors.”

ConvergenCE will continue to provide local management services to the buildings new owners KGAL.

NEWS ARCHIVE
2017 - Contemporary dance on the façade: a new perspective for the Kalvin Square office building 2017 - A lokáció nagyon fontos, de kell még valami más is… 2017 - Hogyan legyünk versenyképesek a Váci úton, ahol gigászok csatáznak az irodapiacon? 2017 - Royal FrieslandCampina opens financial shared services centre at CityZen Office Building 2017 - New, exclusive medical centre opens at CityZen Offices 2017 - Europa Capital sells its Budapest office portfolio 2017 - Offices Revitalised: CityZen and Kálvin Square Among Budapest’s Most Successful Office Buildings 2017 - (Magyar) Az ideális munkahely nyomában 2017 - 96 per cent Occupancy in Kálvin Square Office Building 2017 - OTIS, the World’s Largest Elevator Company Moves to CityZen Offices 2017 - Dealogic Win Office of the Year at Eiffel Square! 2016 - New Services in CityZen and Kálvin Square 2016 - CityZen Office Building on TV 2016 - New CityZens, Tech Mahindra 2016 - SPAR opening in CityZen 2016 - Europa Capital sells Eiffel Square office-park complex 2016 - Építeni mindenki tud, színvonalat tartani már jóval kevesebben 2015 - ConvergenCE wins property management of Budapest office portfolio 2015 - ConvergenCE acquires office buildings in central Budapest for Europa Capital 2015 - 2,000 m² office space fit out at Margit Palace office building 2015 - Projektmenedzsment: a hazai ingatlanpiac új favoritja 2015 - ConvergenCE: egészséges, megbízható növekedés 2014 - Kindly for Christmas 2014 - Leasing of 1,400 m² at Eiffel Square Office Building 2014 - Have some rest in the heart of the City 2014 - The future has begun – Terrapark Next 2014 - Margit Palace: the ideal home for SSC and the Y-generation 2014 - Budapest : an attractive investment market 2014 - A ConvergenCE újabb nagy sikere 2014 - MEDICOVER EXPANDS AGAIN AT EIFFEL SQUARE