Raiffeisen Real Estate Fund has closed the sale of the Késmárk office building in Budapest to an unnamed private investor. Financial details were not disclosed.

The office scheme, located in Budapest's 15th district, is leased with a long term rental agreement to Raiffeisen Bank and functions as its principal IT Center. The complex includes three buildings developed between 2006 and 2008 and which offer 14,750 m2 of space.

The disposal was managed by Cushman & Wakefield, which earlier this year was exclusively mandated by Raiffeisen Real Estate Fund to divest some of the group's office, retail warehouse, shopping centre and industrial assets, or a total of 13 properties. The total value is in the region of EUR 100 mln.

'Having been exclusively mandated to advise Raiffeisen Real Estate Fund on the disposal strategy of some of their Hungarian real estate we are pleased to have successfully concluded this first transaction. This further shows the improvement of the Hungarian market,' said Charles Taylor, managing director at C&W Budapest, which acted for the vendor.