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White House sold to Warburg

Eurobuild CEE 25 June 2019
White House sold to Warburg
White House is leased to BlackRock, Jaguar Land Rover and Spaces (photo by GTC)
HUNGARY Warburg-HIH Invest Real Estate has acquired a LEED ‘Platinum’ certified office building in Budapest on behalf of an open-ended special alternative investment fund of an institutional investor.

The White House, developed by GTC, was completed in summer of 2018 and a gla of 22,300 sqm. The property is fully to tenants that include BlackRock, Jaguar Land Rover and Spaces. The average lease term is 8.2 years. The purchase price was not disclosed.

“With this acquisition, we transacted a property investment that is sustainable in every way,” said Matthias Brodesser, Head of Transaction Management International at Warburg-HIH Invest. “Since 2010, Hungary’s economic output has grown at a stable annual rate of 2.25 percent while wage increases combine with virtually full employment. In addition to the positive economic aspects, the high environmental compatibility of the property has been verified by its LEED certification.”

The GTC White House is within Budapest’s Váci Ut office district. “As a result of its history as a 20th century industrial centre as well as the convenient transport links to the inner city, the area has developed into a popular location for office tenants,” explained Sebastian Pende, the real estate manager at Warburg-HIH Invest Austria and he adds that: “Average office rents in this area, which is characterised by brisk building activity and robust take-up, are growing by 2.8 pct annually.”

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