Budapest is one of the locations in Eastern Europe where real estate prices are rising the most. The Hungarian capital is ideally suited for business activities in Central, Eastern and Southeastern Europe. Real estate investments in the Danube metropolis therefore promise a rewarding perspective – one reason for Allianz to enter into this market. The investor mentioned in this article is also part of our List of the largest property investors in Germany.
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One of the largest office properties in Budapest
Allianz Real Estate, the Group’s real estate subsidiary, has now acquired the “Eiffel Square” office building in Budapest. It is one of the largest office properties in the Hungarian capital and is situated in a prime location in the Central Business District (CBD). The building has 7 floors and a total rental area of 23,500 square meters. The office space is almost completely let to solvent tenants. Users include the major French bank BNP Paribas, the healthcare provider Medicover and the financial platform Dealogic. Allianz Real Estate develops and manages real estate portfolios worldwide for the Allianz Group, one of the world’s largest universal insurers. The real estate subsidiary had 73.6 billion euros in assets under management at the end of 2019, making it one of the heavyweights in its sector. The investment focus is on direct investments in core and value-added properties worth at least EUR 100 million as well as on high-quality office and retail properties in key European, Asian and US American metropolises.
Picture source: Unsplash
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