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AEW buys in Budapest

Rafał Ostrowski 30 January 2019

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

AEW buys in Budapest
With this acquisition, the Europe City Retail Fund now has a EUR 520 mln portfolio of 13 assets

HUNGARY AEW has bought an 3,000 sqm mixed-use building on Vörösmarty tér in the centre of Budapest for around EUR 18 mln.

The seven-storey building, which was formerly occupied by the Luxus department store is the first acquisition by AEW in Hungary for its Europe City Retail Fund.

The ground floor and the first floor of the building have recently been renovated and are currently occupied by a Berskha fashion store and a Vapiano restaurant. The second floor is vacant and is to be leased as office space. The rest of the property is residential. “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 havebenefited from high GDP growth, with falling unemployment and strong retail sales, underpinning our decision to broaden the portfolio into these geographies,” says Nikos Koulouras, the European co-head of investments for private equity funds at AEW. Dentons and JLL advised the buyer while DLA advised the seller.

With this acquisition, the Europe City Retail Fund now has a EUR 520 mln portfolio of 13 assets in nine cities, including Copenhagen, Dublin, Madrid, Milan and Paris.


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