The Vienna-based S IMMO AG expanded its Hungarian real estate portfolio with the BudaPart Gate office building, the LEED Gold class A office building has a leasable area of ​​20,000 m². The building complex is located at the gate of BudaPart – Budapest's largest urban development area – and the seller is Market Asset Management Zrt., a real estate development and asset management company, a subsidiary of Market Építő Zrt., one of the largest construction companies in Hungary.

BudaPart Gate is located in the southern Buda part of the city, about 5 km south of the center, in the immediate vicinity of the Danube. The new city district with many services, commercial units, restaurants, parks and recreation

Sándor Scheer, chairman of the board of directors of Market Asset Management Zrt. and CEO of Market Építő Zrt., stated the following regarding the sale. " We are very pleased that we have reached an agreement with S IMMO AG. This office building is our first real estate development in Budapest, which will be followed by more. We are proud to have been able to add such a special office building to the range of real estate in the capital."

"The first office building of BudaPart's international-standard city district development, BudaPart Gate, was sold with 100% occupancy to international professional investor S IMMO AG. The transaction was completed in three months, despite the pandemic period. There is clear positive feedback from the international professional investor market that the product was positioned in accordance with BudaPart's original concept and business plans: a high-quality building was developed, and the excellent tenant mix meets international investment standards. This is a key moment for the further development stages of the office building of the BudaPart district development. ” added Csaba Horváth, Director of Financing and Investments.

" The closing of the share transaction is expected by the end of 2021 ," said Norbert Kámán, director of real estate asset management at Market Asset Management Zrt. Roland Ebenhoch, head of the transaction team in Vienna, added: " The transaction was characterized by highly professional, efficient and trust-based cooperation. We are proud of this acquisition and are already exploring other purchase options. "

The two parties agreed not to disclose the purchase price.