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City Zen and Kalvin Square sold

Alex Hayes 04 August 2017

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

City Zen and Kalvin Square sold
City Zen has a BREEAM rating of 'Very Good'
HUNGARY Europa Capital has concluded the sale of the Kalvin Portfolio, Budapest. The Kalvin Portfolio comprises two city centre office buildings in Budapest with a total floor area of 26,000 sqm.

KGAL purchased the Kalvin Square and CityZen assets on behalf of institutional investors for EUR 60 mln. The property management will be carried out by KGAL´s local partner ConvergenCE. James Pennington, Director of Asset Management for Europa Capital, said: “The portfolio was acquired out of a distressed position, when the buildings had a combined vacancy of around 45 pct and were capital-starved. We implemented an intensive active asset management strategy that involved a significant refurbishment and rebranding of the CityZen building, extended leases with existing tenants and marketed and leased the vacant space. A BREEAM ‘Very Good’ environmental rating was secured on both CityZen and Kalvin Square. Over the two-year period of Europa Capital’s ownership, the contracted rental income has increased from EUR 1.4 mln to EUR 4 mln and the weighted average lease term has significantly increased from 1.5 years to 4.6 years.”

André Zücker, the managing director of KGAL Investment Management with responsibility for real estate stated: “We expanded our European growth strategy into Budapest for a very good reason. We see a huge upside potential for this part of the European office market.” KGAL was advised by Dentons for this transaction.


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