CA Immo has secured a EUR 27 mln refinancing package with UniCredit Bank Austria for its City Gate complex in Budapest.

The property, which offers 24,000 m2 of office space, has been part of CA Immo’s portfolio since early 2011, when it was acquired as part of the Europolis deal.

‘Financing conditions on the Hungarian real estate market are particularly tough at present,’ said CA Immo’s CEO Bruno Ettenauer. ‘We believe the refinancing agreement sends out an important message - that quality criteria such as a good location, a good quality building and good quality tenants still matter in Budapest.’

Nearly all the space in the complex is now let, with Nokia Siemens Networks extending its lease agreement, the company said.

CA Immo’s portfolio in Hungary is made up of 12 properties valued at EUR 413 mln.