Europa Capital, the pan-European real estate investment manager, announces that it has acquired, in partnership with commercial real estate investor and developer ConvergenCE, Akadémia Business Center in Budapest. The acquisition has been completed on behalf of Europa Capital’s latest value add fund, Europa Fund VI.
Located on the banks of the river Danube, on the corner of Akadémia and Arany János Street, this c. 12,500 sq m building sits within a lively and sophisticated neighbourhood which serves as the city’s primary business, political, tourist and cultural centre.
As one of Budapest’s most well known trophy buildings, Akadémia Business Center has until recently served as the headquarters for Raiffeisen Bank, but with the bank now fully vacated it offers a significant opportunity for refurbishment and repositioning. The objective is not only to create a building suitable for modern occupiers, but also to transform the asset to a Net Zero Pathway, removing the reliance on green house gases. The building will also be targeting both BREEAM, Wiredscore and WELL certification.
ConvergenCE, which has acted as a local partner to Europa Capital in Hungary since 2005 will be responsible for the local asset management.
Works are expected to start on completion of the acquisition and will involve extensive internal renovation, the provision of new mechanical equipment, remodelling of common and office spaces.
Source : Europa Capital