Global investment firm AEW has acquired two historic, mixed-use properties on Andrássy Avenue in Budapest, on behalf of a German separate account.
Financial details were not disclosed.
The neo-Renaissance buildings, which were refurbished in 2001, together provide circa 7,800 m2 of lettable retail and office space.
'This acquisition provides our client with access to a high quality investment that provides scope for value creation through active asset management,' said Nikos Koulouras, AEW’s co-head of investments.
'These historic buildings are in a prime location in a city which boasts a growing economy and has recorded strong retail sales, underpinning the future opportunity for these assets. We retain a strong interest in the Hungarian real estate market, which continues to offer attractive investment opportunities, and are committed to broadening our wider portfolio in this market,' Koulouras added
Andrássy 11 is fully let, with Michael Kors occupying the retail on the ground floor whilst Andrássy 12 is partially let with Hogl, an Austrian shoe brand, and Miniversum, a local railway museum, occupying the ground floor units. The property offers a number of asset management opportunities to increase occupancy of the office space and grow rents across the building according to AEW.
AEW was advised by Oppenheim and Savills/Wigan Acquisitions. The vendor was advised by CMS and CBRE.