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Galcap buys second Budapest building

Alex Hayes 06 March 2018

Alex Hayes


+48 22 356 25 20

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.

Galcap buys second Budapest building
Central Udvar has 16,700 sqm gla
HUNGARY Galcap Europe has acquired Central Udvar building as its second Budapest property after the MerkurPalota.

The purchase was made on behalf of a separate account for a German pension fund managed by Institutional Investment Partners. CBRE advised Galcap Europe on the purchase in an off-market deal while legal advice was provided by CHSH Dezső & Partner.

Central Udvar has 16,700 sqm gla and is centrally located in the city’s 7th district close to Deák Ferenc square. It includes class A office, storage and hotel space with a Maverick City Lodge Hotel. The largest tenant is UNICEF. The price has not been disclosed. Galcap managing director Marco Kohla commented on the deal that: “Central Udvar perfectly fits our strategy of high-quality assets in the most central locations. We will further expand our investment activities in Budapest, Warsaw, Prague and Vienna this year.”

Galcap Europe was founded in 2015 by Manfred Wiltschnigg, Marco Kohla and Paul Hallam, and has since established itself as a specialised investment and asset manager for the Austria and CEE region. In addition to pension funds and insurance companies from the German-speaking countries, its clients include American- and UK-based private equity funds, for which GalCap Europe acts as a local partner in the region.

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