Investor and asset manager M7 Real Estate has acquired the Terrapark office complex in Budapest, Hungary, on behalf of the €100 million fund M7 CEREF II.
M7 said the purchase is in line with the fund’s strategy of targeting value-add and core-plus office, logistics and industrial investments in key Central European markets, Hungary, Croatia and Poland.
The asset, located to the south west of Budapest in the Budaörs office market, comprises 28,500 sq m in two buildings and is multi-let with tenants including Invitech, Tchibo, Continental and Turk Telekom.
M7 CEREF II has acquired eight assets totalling about 110,000 sq m in Hungary, Croatia and Poland. The Fund is now almost fully invested following first close in 2020. The target size of the fund is circa €100 million, with leverage.
“Despite being close to Budapest, the Budaörs area has a limited supply of good quality office space, which places Terrapark in a strong position to achieve high occupancy rates. Our aim is to build partnerships with existing and new occupiers by providing flexibility and turnkey solutions,” said Balázs Magyar, managing director of M7 Real Estate in Hungary.