KGAL has purchased the Eiffel Square Office Building in Budapest, adding a prime asset in Hungary to its property portfolio. The purchase of the building from UK fund manager Europa Capital signals consistent expansion of the KGAL Group's internationalisation strategy.
The seven-storey Eiffel Square Office Building overlooking Budapest’s historic Nyugati railway station designed by Gustave Eiffel is located in the heart of the city, at one of its most important transport hubs. The multi-tenant property was completed in 2010 and has received multiple awards such as the “CIJ’s Best Office Development Award” and the “FIABCI Prix d’Excellence runner up for Office Development Award worldwide”.
The fully leased building has an area of around 23,600m² and includes 365 underground parking spaces and 20 office, retail and restaurant tenants. Alongside its location, the property’s key attributes include the high build quality and the flexible configurability of the rental areas, which have had an occupancy rate of over 95% for some years. The tenants are almost exclusively internationally established companies, the largest being Cetelem Bank (BNP Paribas) and the Dealogic financial platform.
Gert Waltenbauer, CEO of the KGAL Group, commented as follows on the acquisition: “In purchasing the Eiffel Square Office Building, KGAL is consistently expanding its pan-European real estate portfolio. The prime property in Budapest is a perfect fit for our targeted investments in prosperous locations in Central Europe.”
