Warburg-HIH Invest Real Estate, acting on behalf of an open-ended special AIF, has acquired a LEED Platinum certified office building in the 13th district of Budapest, Hungary. The White House, developed by the GTC Group, was completed in summer of 2018 and has a gross lettable area of 22,300m². The property is fully occupied, the main tenants being investment fund manager BlackRock, Jaguar Land Rover and the Dutch co-working provider Spaces. The average lease term is 8.2 years. The purchase price was not disclosed.
“With this acquisition, we transacted a property investment that is sustainable in every way,” said Matthias Brodesser, Head of Transaction Management International at Warburg-HIH Invest. “Since 2010, Hungary’s economic output has grown at a stable annual rate of 2.25% while wage increases combine with virtually full employment. In addition to the positive economic aspects, the high environmental compatibility of the property has been verified by its LEED certification.”
“Due to its background as a 20th-century industrial centre and the convenient transport links to the inner city, the area has developed into a preferred location for office tenants,” explained Sebastian Pende, Real Estate Manager at Warburg-HIH Invest Austria. “Average office rents in this area, which is marked by brisk building activity and robust take-up, are growing by 2.8% annually.”