The acquisition relates to the office building Office Garden I in Budapest, Alíz utca 1, that is 93 percent leased and offers 16,000 square meters of leasable space. The tenancy structure is dominated by international tenants, the most important among which are Tata, Hewlett Packard, and Sophos. The asset was constructed in 2008 and is situated in an upcoming office location that has continuously been enjoying the lowest vacancy rates in Budapest. The parties to the transaction have agreed not to disclose the purchase price and other details.

Dr. Alexander Klafsky, managing director of FLE GmbH, illustrates: „We have been and still are very active on the German and Austrian market. However, following an active portfolio strategy we are about to enter new markets and most particularly the CEE area. Our investment targets are modern office properties in inner-city locations with very good infrastructure, high occupancy, strong tenants, and sustainable cash flows. All of these criteria are perfectly matched with our new property Office Garden I. We see a multitude of interesting opportunities in the market and are negotiating several new acquisitions in the region.“

Jones Lang LaSalle