The acquisition was completed on behalf of Europa Capital’s latest value-added fund, Europa Fund VI.

Located on the banks of the Danube, at the corner of Akadémia and Arany János utca, the approximately 12,500 m² building is located in an area that serves as the main commercial, political, tourist and cultural center of the city.

Until recently, the Akadémia business center served as the headquarters of Raiffeisen Bank, but with the bank now fully liberated, it offers a new opportunity for renovation and repositioning. According to the press release, the goal is not only to create a building suitable for modern occupants, but also to transform the asset into a Net Zero pathway, removing reliance on greenhouse gases. The building will also aim for BREEAM, Wiredscore and WELL certifications.

ConvergenCE, local partner of Europa Capital in Hungary since 2005, will be responsible for the local management of the assets.

Work should begin as soon as the acquisition is finalized and will include a major internal renovation, the supply of new mechanical equipment, the redevelopment of common areas and offices.

Robert Martin, Partner and Head of Investments at Europa Capital, comments: “The Akadémia business center is ideally located and an asset with plenty of opportunities to undertake our usual high standard of refurbishment with a focus on the NZC way, the well-being and requirements of the occupant.”

“Availability of prime office space in the heart of Budapest is rare, which underpins the business case for the investment. Once completed, the property will be very attractive to companies looking for a prestigious address. in the city center with good credentials in terms of well-being and sustainability,” he adds.

Jason Oram, Partner and Fund Manager at Europa Capital, said: “This investment demonstrates our belief in a contrarian opportunity in the cycle of well-located office assets as the market adjusts to the impact of the pandemic. The addition of Akadémia Business Center to our office portfolio offers another excellent opportunity to add value through a comprehensive high quality refurbishment, which we are confident to achieve through our well-established partnership with ConvergenCE.

Csaba Zeley, Managing Director of ConvergenCE, added: “We are delighted to partner again with Europa Capital following the successful development of a number of projects, including Place Eiffel, Place Kálvin, B52 and CityZen, which have all since been sold. With its exceptional location and prominent façade, we believe Akadémia Business Center has the potential to be one of Budapest‘s most prestigious mixed-use commercial buildings.