Europa Capital and property company ConvergenCE have jointly acquired the Akadémia Business Center in Budapest.
Europa acquired its stake on behalf of value-add fund, Europa Fund VI.
The 12,500 sq m building is located on the banks of the river Danube and is one of Budapest’s best known trophy buildings.
Previously the headquarters of Raiffeisen Bank the building will now be refurbished and repositioned. Work will start on completion of the deal and will involve extensive internal renovation, the provision of new mechanical equipment as well as the remodelling of common and office spaces.
Europa said the objective will not only be to create a building suitable for modern occupiers, but also to transform the asset to a net zero pathway. BREEAM, Wiredscore and WELL certifications will be sought.
ConvergenCE, a Budapest-based boutique investor, developer and joint venture partner of regulated international investment funds and private equity, has been Europa Capital’s local partner in Hungary since 2005 and will be responsible for the local asset management.
“Prime office availability in the heart of Budapest is scarce, underpinning the business case for the investment,” Europa Capital partner and head of investments Robert Martin said. “On completion the property will be very attractive to those companies looking for a prestigious, downtown address with good wellness and sustainability credentials.”