GTC has sold Spiral, an A-class office building located in Budapest, Hungary for €41m. Spiral provides a total of 30,541m² of leasable office space situated next to Vaci ut Corridor, one of the most popular office destinations in Budapest. The building was completed in 2008 and offers six floors of offices and four underground parking levels. The building has a single office occupier leased to the Hungarian National Asset Management Inc and the remaining space of 1,896m² is leased to a restaurant and a fitness centre operator.
"We believe the time has come to refresh our portfolio in Hungary by selling mature assets in order to make room for new, exciting acquisitions and developments. The sale of Spiral is in line with this strategy and will provide net cash to finance new acquisitions, as well as implementing our new development projects such as the Pillar and Center Point 3 office buildings," said Yovav Carmi, President of the Management Board of GTC.
