DTZs Hungarian valuation team has completed what the most prestigious valuation instruction in the market for some years - the valuation of the IVG portfolio on behalf of the buyer, HGA Capital, and its financing bank, EuroHypo AG.
The portfolio comprises three modern office buildings at Infopark Budapest (30,000 m²) and two historical, listed properties in the city centre on Andrássy út Boulevard (7,700 m²), which is a UNESCO World Heritage site.
IVG Immobilien AG has sold the five properties in Budapest at a price of 99.8 million. This sale is a landmark transaction in the regional investment market.
DTZ Hungary's Head of Professional Services, Krisztián Hornok and the team provided valuation and due diligence advice to HGA Capital, and its financing bank, EuroHypo AG.
Following the purchase, the office agency team of DTZ Hungary has been retained as the sole letting agents of Infopark Budapest on which DTZ has been advising since 1998, when the actual planning of the park first started. The team continues to see good chances to successfully secure many more respected tenants in the near future.
In December 2005, Infopark Budapest saw the start of ground works for the speculative construction of Building D and by now the foundation have been excavated two floors deep. The new office building will be totalling 17,700 m².
Source: DTZ Hungary