This time CBRE has transacted Bluehouse Capital’s Margit Palace sale to Adventum TRIUM Real Estate Fund.

Margit Palace is a quality asset offering Grade A office space in the Central Buda office submarket. The office building is 96% occupied and benefits from an eclectic tenant mix, that occupies nearly 18,000 sqm of office, retail & storage space in three partly interlinked buildings. Margit Palace benefits from excellent public transport links: trams 4, 6 & 17 stopping just around the corner, while stations of the underground line M2 and suburban railway line H5 are both within a 5-minute walk. By September 2017 a comprehensive refurbishment was carried out at Margit Palace that has repositioned the property as a prime asset from both an investment and leasing perspective.

“While newly-built offices remain popular with investors, one should not underestimate the need of those investors who are looking for established properties with a proven track record. Investors are able to underwrite the asset based on the past performance and the predicted growth which is based on its track record and ability to perform in all parts of the market cycle,” Tim O’Sullivan MRICS, Head of Capital Markets at CBRE Hungary said.

“The timely sale of Margit Palace confirmed the improved liquidity in the Hungarian market, which provides confidence to our investors for subsequent investments”, Stevan Lojovic country manager for Hungary at Bluehouse Capital noted.

‘We are delighted to be the new owners of Margit Palace. We do think that we ended up with a good deal and our investors are satisfied with the price we achieved. We will continue our efforts to buy attractive and reliable assets in Hungary,” Gergely Koó MRICS, Leasing Director at Adventum Investment Fund Management added.

About Bluehouse
Founded in 2004, Bluehouse is a private equity real estate investment management firm focused in Central and Southeastern Europe. Bluehouse manages capital across four funds, investing on behalf of a high-quality institutional investor base – including financial institutions, pension funds, endowments, multimanager funds and family offices. Bluehouse maintains a dedicated focus in Emerging Europe with offices in the Czech Republic, Poland, Hungary, Romania, Bulgaria, Croatia, Serbia, Greece and Cyprus.

About Adventum
Adventum Investment Fund Management was established in 2006 and its core activity is managing investment funds and specializes in real estate investment funds. The quality service provided by Adventum is the quintessence of many years’ experience – both on the side of the partners and employees of Adventum – in the real estate investment and management sectors.