The details
Szervita Square Building is the realization of a complete development and deal process. From the acquisition of a strategic site in the CBD and the demolition of the pre-existing old parking house, the developer had to sensitively design a new building that met the social and architectural criteria of the city and district in a Heritage protected area of the historic CBD. They successfully developed a state-of-the-art, mixed-use building that has attracted high profile tenants – they fully leased the property during the COVID era at prime ERV for the city and the asset has been subsequently sold to a German institutional core investor.
Szervita Square Building has completed a successful cycle on all fronts – development, leasing and exit via an investment sale to international core equity.
In the sale of Szervita Square Building, CBRE was able to convince a high profile core investor to re-enter the Hungarian market – via by the high quality of the asset, broad and rigorous underwriting and a smooth transaction process – thereby regaining trust and momentum in the market which could be a reference for other investors to do so.
“In the sale of Szervita Square Building, CBRE was able to convince a high profile core investor to re-enter the Hungarian market – via by the high quality of the asset, broad and rigorous underwriting and a smooth transaction process – thereby regaining trust and momentum in the market which could be a reference for other investors to do so."
Tim O' Sullivan, Senior Director, Head of Investment Properties
CBRE Hungary
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