AEW has announced its first acquisition in Hungary.

AEW has acquired building in Budapest for approximately 18m euros. Sold property is the old Luxus shopping center. The property is 3,613 square meters in total and providing 3,072 sqm of retail and office space.

There are shops and restaurants on the ground floor and first floors of the seven-story property. The company said that the second floor would be vacated as empty space and office space. Also, the other floors of the asset are residential.

AEW was advised by Dentons and JLL, and the vendor – which state news wire MTI named as the National Bank of Hungaryʼs Pallas Athéné Foundations.

Nikos Koulouras, co-head of investments for private equity funds at AEW, said: “This is one of the best retail assets in Hungary, reflecting our highly selective acquisition strategy that, in the CEE region, will focus predominantly on Hungary, Poland and the Czech Republic.”

“These core regional economies have benefited from high GDP growth, with falling unemployment and strong retail sales, underpinning our decision to broaden the portfolio into these geographies,” he added.

Source: Budapest Business Journal

Fulya Altunyay/ fulyaaltunyay@realestatecoulisse.com

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