London-based Resolution Property has bought two office buildings in Budapest from Hungarian fund manager Adventum: Margit Palace and Buda Square. for an undisclosed sum.
This is Resolution Property’s first Hungarian acquisition and the second in the CEE region, after Floreasca Park in Bucharest.
Our focus remains on well-located, well-fitted-out assets that provide the needed flexibility to adapt to changing working practices as we look to expand our presence in Central and Eastern Europe.
Hans Peter Gaber, the head of investment at Resolution Property
Adventum was represented for this transaction by Eston International, Savills and Hümpfner Law Firm, while Resolution Property was represented by Kinstellar, Cushman & Wakefield, KPMG and Gleeds.
The successful completion of the transaction was a milestone for Adventum. In line with our ESG policies, we have made these office buildings more energy-efficient and more profitable in a sustainable way. We have renovated and leased the properties quickly and efficiently – for example, in the case of Buda Square we managed to increase the occupancy from 20 pct to 100 pct in less than three years. I am also proud that Resolution has chosen two properties in our office portfolio for its first investment in Hungary.
Kristóf Bárány, the owner of Adventum Zrt
Margit Palace (18,000 sqm) and Buda Square (17,000 sqm) are located on the Buda side of the city. Both fully leased and BREEAM-in-use certified. Margit Palace was acquired by Adventum from Bluehouse in 2018 following a major renovation the previous year.
