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Growing investor appetite for Budapest properties

Monday, 09 February 2015 13:43
A new investment transaction was concluded on the Budapest property market, the new owner of Óbuda Gate building is the Torony Property Investment Fund managed by Diófa Property Fund. The vendor was represented by the joined team of Robertson Hungary (BNP Paribas Real Estate Alliance) and BNP Paribas Real Estate.

The Budapest property investment market is becoming more and more positive, not only the selection opportunities are various but also the Investors' appetite for properties is growing. 'After the standstill of previous years in 2014 the Budapest investment property market showed increased activity where the Hungarian institutional investors played an important role. The most significant transactions were concluded by Hungarian property funds. The buying and selling of Óbuda Gate fits into this process in which Diófa Property Fund expanded its property portfolio'. – summarized Robert Tilki, Managing director at Robertson Hungary.

The vendor was represented by the joined team of Robertson Hungary and BNP Paribas Real Estate. 'The international co-operation between the teams helped to provide more professional services on a broader platform therefore the transaction was completed within a record short time. Good news that the Hungarian property market started to find itself and strengthen its position among the CEE countries'. – said Del Chandler Managing Director Capital Markets CEE at BNP Paribas Real Estate.

Óbuda Gate office building built in 2001 situated in an excellent location, on the Buda side, close to downtown and the most important public transportation hubs. The repeated award winner office building offers 14,300 sq m office area and complex services for its tenants. The office building operates on 70% occupancy level with national and international companies as occupiers.

'There's a wide range of properties for sale on the Budapest property market, however it's not easy to find the best properties suitable for our strategy. In case of Óbuda Gate we succeeded in acquiring an excellent price to value property, which is going to provide our investors decent yields on the long-term as well. Although the occupancy level of the office building doesn't reach the market average, we believe we'll shortly manage to find further tenants besides the existing ones.' – said Gergely Bíró, director of Diófa Property Fund.