3 May 2023
FLE ACQUIRES VIZIVAROS OFFICE CENTER IN BUDAPEST
• Purchase of a 14,200 sqm office building in Budapest
• Continuation of the strategic acquisition of centrally located assets that are generating high cash flows
Vienna, May 3rd, 2023. FLE has successfully signed and closed the acquisition of the Vizivaros Office Center in Budapest. The building is located in the “Central Buda” office submarket in the Western part of Budapest, comprises around 14,200 sqm of total lettable space and was 96% let with annualized gross rental income of around €2.5m as at 31 December 2022. The seller is CA Immo.
Alexander Klafsky, Managing Partner of FLE GmbH: “This successful purchase in Budapest is another example of our strategy of using the current market phase to acquire properties in excellent locations that will generate stable and high cash flows over the long-term.”
FLE GmbH has acquired the property for the Luxembourg real estate fund FLE SICAV FIS, which currently holds properties with an estimated value of around €3.5bn. The Vizivaros Office Center is the fund’s eighth property in the Budapest area.
FLE was legally advised by CMS Cameron McKenna Nabarro Olswang LLP. FLE’s technical advisor was Robertson Property Management Zrt.
As of 31 December 2022, CA Immo’s Hungarian portfolio consisted of nine office buildings in Budapest with a total lettable area of around 194,000 sqm and a book value of around €460m. All Hungarian buildings have BREEAM sustainability certification.
About FLE / LFPI
FLE GmbH is based in Vienna and part of the French LFPI group. LFPI is an independent international multi asset manager with approximately €25bn of assets under management. FLE GmbH is LFPI’s regional asset manager for real estate investments into DACH and CEE.
About CA Immo
CA Immo is an investor, manager and developer specialising in large, modern office properties in the metropolitan cities of Germany, Austria and CEE. The company covers a deep value chain in the commercial property sector and has a high level of in-house construction expertise. Founded in 1987, CA Immo is listed on the ATX of the Vienna Stock Exchange and has property assets of around €5.9bn in Germany (66%), Austria (8%) and CEE (26%).
For further questions please contact:
Anna-Maria Schlintner
Assistant to the management
+43 1 532 02 11 20
Anna-maria.schlintner@fle.co.at
FLE GmbH
Palais Kinsky
Freyung 4/12, 1010 Wien, Österreich
office@fle.co.at
Tel.: +43 1 53202110