Real estate invesment managers, AEW has acquired two mixed use properties in Hungary’s capital on behalf of a German separate account.
The firm bought the 7,800 sqm Andrassy 11&12 neorenaissance buildings located on the southern section of Andrassy Avenue in Budapest for an undisclosed sum. Andrassy 11 is fully occupied. Michael Kors occupying the retail on the ground floor. Andrassy 12 is partially let with Hogl and Miniversum.
Nikos Koulouras, AEW’s co-head of investments, said: “This acquisition provides our client with access to a high-quality investment that provides scope for value creation through active asset management.”
According to Koulouras, AEW retain a strong interest in the Hungarian real estate market that continues to offer attractive invesment opportunities. It is committed to broadening its wider portfolio in this market.
“The high profile location of these properties and its desirability to tenants were compelling attributes for this mandate’s first acquisition in Hungary and AEW is pleased to add another CEE growth market to this portfolio,” said, Lars Henning Pylla, a fund manager at AEW.