AEW Acquires Two Mixed-Use Buildings on Budapest’s Historic Andrássy Avenue
AEW has acquired two historic, mixed-use properties in Budapest on behalf of a German separate account. The two properties are neo-renaissance buildings located on the southern section of Andrássy Avenue.
Nikos Koulouras, AEW’s Co-Head of Investments, says: “This acquisition provides our client with access to a high-quality investment that provides scope for value creation through active asset management. These historic buildings are in a prime location in a city which boasts a growing economy and has recorded strong retail sales, underpinning the future opportunity for these assets. We retain a strong interest in the Hungarian real estate market, which continues to offer attractive investment opportunities, and are committed to broadening our wider portfolio in this market.”
Lars-Henning Pylla, Fund Manager at AEW, says: “Andrássy Avenue is one of Budapest’s most iconic streets and this transaction presents a rare opportunity to acquire two properties with historic significance. The high profile location of these properties and its desirability to tenants were compelling attributes for this mandate’s first acquisition in Hungary and we are pleased to add another CEE growth market to this portfolio.”
AEW was advised by Oppenheim and Savills/Wigan Acquisitions. Oppenheim acted as legal adviser to AEW, with Partner Mark Pinter MRICS, Senior Associate Janos Fodor and Associates Judit Haraszti and Kata Szanto.