Shocker! Office transaction completed in Budapest!

A Hungarian investor has broken an 18 month freeze on office transactions buy purchasing for Ulloi 48, a class A building in central Budapest.  Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt (BIF) purchased the 7,700 sqm building for €14.1m, which is near the beginning of a five year lease to a major Hungarian bank.

Hamish White, a partner at Colliers International, says BIF is the first investor to get back in the investment game, but that he expects further deals to follow. “The sale is significant in that as far as we can tell it’s the first stand alone office building of investment grade transacted in Budapest for almost eighteen months, and in our opinion this is a sign that our investment market is starting to function.”

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