Warimpex sells Csalogány office building in Budapest (HU)

Warimpex Finanz- und Beteiligungs AG finalised the sale of the Csalogány office building in Budapest to an international private investor at the end of June 2009.

The sale price was higher than the most recent fair value determined by CB Richard Ellis (CBRE) in December 2008 and also significantly higher than the book value. "This good deal shows the high level of trust placed in Warimpex and our work – despite the difficult economic and market conditions. We see this transaction as confirmation of the fact that we are on the right path with our projects," said Georg Folian, member of the Warimpex Management Board.

The Csalogány office building was erected in 1970 and purchased by Warimpex in 2003. After its purchase, the building was completely renovated and adapted to meet the requirements of the new tenant and brought up to category A. The entire building was let out to the central court in the second quarter of 2009. The seven-story Csalogány office building has an area of 2,800 m².

Centrally located on the Buda side of the city in the middle of Budapest's business district, the Csalogány office building is close to a wide range of shops, businesses and residential buildings. It can be reached optimally by road and the city's public transportation system. The Mammut shopping and event center is also located nearby and offers a wide range of shops and entertainment.

The latest events in Hungary were the sale of the Pauler office building in Budapest in December 2008 and a recent celebration for the transfer of the newly renovated Erzsébet office building to its tenant. The sale of the Csalogány office building marks the continuation of Warimpex' successful activities in Hungary, and the real estate developer now owns three office buildings in Budapest. "After opening the design hotels andel's Berlin and andel's Lodz as well as the topping-out ceremony for the hotel angelo Katowice, the new leases and the current deal in Budapest are a positive conclusion to an eventful first half of the year," says Warimpex CEO Franz Jurkowitsch.

Source: Warimpex Finanz- und Beteiligungs AG

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