Portfolio of office buildings, Budapest, Hungary

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Portfolio of office buildings, Budapest, Hungary

49,250,000 €
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  • Yield
    6.1%
Details
Property parameters
  • Number of parking lots: 237
Financial performance
  • Annual income: 3,050,000 €
Tenants
  • Occupancy: 98%
Property status
  • Most recent total renovation: 2016

Portfolio of 2 class A office buildings in the business district of Budapest.

Description

Portfolio of 2 class A office buildings.

Characteristics of the 1st building:

  • 9 levels (2 underground floors)
  • 211 underground parking spaces
  • complete reconstruction and arrangement of the new tenant — 2016
  • plot size — 5,844 m²
  • rentable area — 15,177 m²
  • occupancy rate — 96%
  • rent (offices) — 11,6 €/m²
  • NOI — 2,100,000 €/year
  • price — 34,000,000 €

Characteristics of the 2nd building:

  • 9 levels (1 underground floor)
  • complete reconstruction and arrangement of the new tenant — 2016
  • total area of ​​the building — 6,798 m²
  • rentable area — 5,079 m²
  • occupancy rate — 100%
  • 26 underground parking spaces (and additional ground parking)
  • parking rent — 130 €/place
  • rent (offices) — 14,9 €/m²
  • NOI — 950,000 €/year
  • price — 15,250,000 €

Financial performance

The absolute annual income is 3,050,000 €.

The current yield is 6,1%.

Tenants

The 1st building is rented by 10 state institutions.

The lease agreements are long-term.

WALT: 6 years.

The 2nd building is rented by a state institution.

The lease agreement is valid until August 15, 2022.

Location and nearby infrastructure

The 1st office building is located in the 13th district of Budapest, in the well-known business district, the 2nd building is located in the 3rd district.

Budapest — the capital of Hungary and the largest city of the country. Its population is more than 1,700,000 people.

The main highways of Hungary leads to Budapest. There are 3 railway stations in the city. Budapest International Airport has 3 passenger terminals. The city has an extensive chain of public transport: 180 bus routes, 14 trolleybus, 29 tram and 4 metro lines.

Budapest sights on the banks of the Danube, the Buda Castle and Andrássy Avenue are included in the UNESCO World Heritage List.

Budapest is the only capital of the European state — resort due to numerous hot mineral springs.

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