KGAL has purchased the “Eiffel Square Office Building” in Budapest, adding a prime asset in Hungary to its property portfolio. The purchase of the building from UK fund manager Europa Capital signals consistent expansion of the KGAL Group’s internationalisation strategy.
The seven-storey “Eiffel Square Office Building” overlooking Budapest’s historic Nyugati railway station designed by Gustave Eiffel is located in the heart of the city, at one of its most important transport hubs. The multi-tenant property was completed in 2010 and has received multiple awards such as the “CIJ’s Best Office Development Award” and the “FIABCI Prix d’Excellence runner up for Office Development Award worldwide”.
The fully leased building has an area of around 23,600m2 and includes 365 underground parking spaces and 20 office, retail and restaurant tenants. Alongside its location, the property’s key attributes include the high build quality and the flexible configurability of the rental areas, which have had an occupancy rate of over 95% for some years. The tenants are almost exclusively internationally established companies, the largest being Cetelem Bank (BNP Paribas) and the Dealogic financial platform.
Gert Waltenbauer, CEO of the KGAL Group, commented as follows on the acquisition: “In purchasing the Eiffel Square Office Building, KGAL is consistently expanding its pan-European real estate portfolio. The prime property in Budapest is a perfect fit for our targeted investments in prosperous locations in Central Europe.”
Source: KGAL Website
About KGAL GmbH & Co. KG:
KGAL GmbH & Co. KG, a German based asset- and investment manager, with registered offices in Grünwald near Munich (Germany) has been initiating and managing long-term real capital investments with sustainable and stable yields since 1968. The company’s portfolio of services comprises the design and management of funds for institutional investors. The quality of KGAL products in the main asset categories of real estate, aviation and infrastructure is based on the experience of its in-house experts.
As of December 31st 2015, the KGAL Group manages an investment volume of EUR 21.7 billion. KGAL currently manages capital for 99,000 investors (incl. multiple subscriptions) with equity investments in a total of 116 active limited partnership funds. Investors have entrusted EUR 7.3 billion in equity capital to KGAL for these funds. The KGAL Group has 337 employees (as of 31.12.2015).