FLE acquires Vizivaros Office Center in Budapest

by   CIJ News iDesk III
2023-05-04   09:20

FLE has successfully signed and closed the acquisition of the Vizivaros Office Center in Budapest. The building is located in the “Central Buda” office submarket in the Western part of Budapest, comprises around 14,200 sqm of total lettable space and was 96% let with annualized gross rental income of around €2.5m as at 31 December 2022. The seller is CA Immo.

Alexander Klafsky, Managing Partner of FLE GmbH: "This successful purchase in Budapest is another example of our strategy of using the current market phase to acquire properties in excellent locations that will generate stable and high cash flows over the long-term.”

FLE GmbH has acquired the property for the Luxembourg real estate fund FLE SICAV FIS, which currently holds properties with an estimated value of around €3.5bn. The Vizivaros Office Center is the fund's eighth property in the Budapest area.

FLE was legally advised by CMS Cameron McKenna Nabarro Olswang LLP. FLE’s technical advisor was Robertson Property Management Zrt.

As of 31 December 2022, CA Immo's Hungarian portfolio consisted of nine office buildings in Budapest with a total lettable area of around 194,000 sqm and a book value of around €460m. All Hungarian buildings have BREEAM sustainability certification.