AEW, acting on behalf of a German separate account, has acquired two historic, mixed-use properties on Andrassy Avenue in Budapest, Hungary.
The purchase price was not disclosed.
The neo-Renaissance buildings, which were comprehensively refurbished in 2001, together provide 7,800 square meters (84,000 square feet) of lettable retail and office space. The properties are in a prime location on the southern section of Andrassy Avenue, a UNESCO World Heritage Site and one of Budapest’s main shopping streets that is home to a range of international high street retail brands.
Andrassy 11 is fully let, with Michael Kors occupying the retail on the ground floor while Andrassy 12 is partially let with Hogl, an Austrian shoe brand, and Miniversum, a local railway museum, occupying the ground-floor units.
