Hungary

Hungary

Hungary

2016 July 

Bluehouse completed the acquisition of one Grade A and two Grade B+ office buildings in Hungary. The portfolio consists of Margit Palace, a Grade A office building located in the city center of Buda, which was completed in 2003 with a GLA of 17,193 sqm of office space, 1,889 sqm of storage space and 229 underground parking spaces; and Terraparks A&B, located in Budaor, which were completed in 2002, and combined have a GLA of 26,216 of office space, 3,834 sqm of storage, 70 underground parking spaces and 242 above-ground parking spaces. Tenants include Roche, Dupont, Invitel, Emea Remote and Justice Table, to name a few. This latest acquisition demonstrates our unique access to off-market deals as a result of our longstanding relationships in the region. Having pre-negotiated with the bank the optimal capital structure for the buildings, we will now pursue an active management strategy to include vacancy reduction, lease extensions and refurbishment work which, when completed, will enable us to benefit from stable, recurring income, and from yield improvement as a result of their institutionalization.