Resolution Property makes maiden acquisition in Budapest
Adventum has sold two office assets, Buda Square (image above) and Margit Palace, located in Budapest, Hungary. The properties were sold to a fund managed by U.K.-based Resolution Property, which firm is partially owned by Chinese conglomerate Fosun International, in an all-equity transaction. The parties agreed to keep the volume of the transaction confidential, but it is estimated to be around €85 million ($101 million).
The two office properties, comprising a total of 37,200 square meters (400,417 square feet), are located on the Buda side of the Danube, in the Central and North Buda submarkets. Both assets have been fully stabilized, having been refurbished and re-leased by Adventum. The buildings are multi-let to a variety of strong national and international tenants and have BREEAM “very good in use” certificates obtained by Adventum due to substantial investments in energy efficiency and other sustainable solutions to the properties in line with Adventum’s ES