Investum buys another Budapest office building

The Árpád Center office building in Budapest has been sold by ConvergenCE to local investor Investum for an undisclosed sum.

The building, which is situated at the junction of Árpád Bridge and the Váci út office corridor, comprises around 5,310 sqm of leasable space and 66 parking spaces in an underground car park.

For this transaction, ConvergenCE was represented by Cushman & Wakefield. The company bought the property, which was extensively renovated in 2017, from Immofinanz in 2019.

"Since the purchase of the building in 2019, we turned the then undermanaged and slightly neglected building into a fruitful project. We have re-geared the leases, leased the vacant space and developed a strong, long-term relationship with occupants who have valued our flexible landlord attitude and tenant-focused property management. As a result of all this, as well as Investum’s fast decision-making process, we managed to sell the building off-market, before the date previously set in our business plan. We are happy that our work with the building is still not over, as the new owner has mandated us with the managing and leasing of Árpád Center further.
Csaba Zeley, the managing director of ConvergenCE

Árpád Center is fully leased to such tenants as AG Mamas, Alfa Pharmacy, Aquarea, Aurum, Cellaphone, ConvergenCE, Eurorisk, EverDerm, Indigo Dohány, Jobgroup, Octonull/ Billingo, SDL, Svea and VS-Faktor.

This is Investum’s second recent office acquisition in Budapest, as it follows the purchase of Canada Square from CA Immo.

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