M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has sold the Liget Centre, a grade A multi-let office building in Budapest, Hungary, on behalf of M7 Central European Real Estate Fund I (“M7 CEREF I” or the “Fund”) to WINGHOLDING Zrt. (“WING”), the leading property development and investment company in Hungary.
M7 acquired the asset, which comprises a c.7,000 sq m office building with underground parking for 111 cars and an adjacent auditorium in Budapest’s Embassy district, in 2017. During its ownership M7 has maintained 100% occupancy of the office building, agreeing lease extensions with existing tenants including Omnicom Media Group and Walt Disney on improved terms. This has resulted in an increased WAULT from 1.73 years to 2.78 years.
M7 has also undertaken preparatory works for the redevelopment of the vacant c.3,800 sq m auditorium to allow for a new commercial proposition.
Balázs Magyar, MD Hungary at M7, said: “Within an efficient timeframe we have executed our business plan for the Liget Centre and sold the asset to a high quality buyer. Following initial works at the former auditorium, we have also created the potential for a new development at the scheme, which has also contributed to the realisation of an attractive return for our investors.”