GalCap Europe, a Vienna-based international investment and asset management company, acquired the Central Udvar mixed-use complex as its second property after the Merkur Palota in Budapest. The purchase was made on behalf of a separate account for a German pension scheme, administered by Institutional Investment Partners. CBRE has advised GalCap Europe to purchase the building in an off-market deal. The buyer and the seller agreed not to disclose any purchase price details. Legal advice to GalCap Europe was provided by CHSH Dezső & Partner.
Central Udvar is centrally located in the 7th district close to Deak Square and Astoria. It offers 16 780 sqm leasable Class A office, storage and hospitality space with 215 parking places in the underground garage. UNICEF is the building’s largest occupier. The office functions are complemented by Maverick City Lodge.
GalCap Europe was founded in 2015 by Dr. Manfred Wiltschnigg, Marco Kohla and Paul Hallam, and has since established itself as a specialized investment and asset manager for the Austria & CEE region. In addition to pension funds and insurance companies from the German-speaking countries, clients include American and UK-based private equity funds, for which GalCap Europe acts as a local partner in the region.
Central Udvar perfectly fits our strategy of high-quality assets in the most central locations. We will further expand our investment activities in Budapest, Warsaw, Prague and Vienna this year. The dynamics in these markets remain exceptional, underpinned by strong fundamentals,” said Marco Kohla MRICS, Managing Director of GalCap Europe.
Source: Property Forum, March 7th, 2018