BUDAPEST, Hungary--(BUSINESS WIRE)--Nov. 3, 1999--
GE Capital Real Estate and Heitman International have purchased Buda Square, a recently constructed office building in Budapest, Hungary. The 190,000 square feet building was acquired from Austrian developer, Realia, and is let to blue chip tenants including Shell, General Electric, Hoechst, Volvo, Ford, Xerox and Motorola. Completed in 1995, the building includes 163,000 square feet of first class air-conditioned offices on five levels and 27,000 square feet of retail and offices at ground level.
The joint venture represents the first acquisition for GE Capital and Heitman of a completed office building in Central Europe. Terms of the transaction were not disclosed.
Heitman International has also been awarded the contract to act as asset manager for the office building. This expands Heitman's asset management business across the office, warehouse and retail sectors in Central Europe. Property management services will be provided by Golub-Europe with CB/Richard Ellis providing leasing services.
"This transaction offers the opportunity for Heitman to invest equity alongside GE Capital, one of the premier investment companies in the world, in one of our prime Central Europe target markets," said Stephen Perlmutter, president, Heitman International. "We are excited about working together with GE http://newlaunch.propertynewssingapore.com/botanique-bartley-d19/ cards, to businesses and individuals around the world. Since its 1989 investment of $150 million in Tungsram in Hungary, GE has grown its investment portfolio to almost $1 billion by to date.