Allianz acquires Eiffel Square, one of Budapest’s best located buildings

Munich, 06/05/2020

Allianz Real Estate, acting on behalf of several Allianz group insurance companies, has expanded its footprint in Hungary with the 100% acquisition of Eiffel Square, a prime office building located in Budapest, in an off-market transaction. 

The 10-year-old complex is one of Budapest’s largest office buildings in the city’s central business district (CBD), offering a privileged location. The property is right at the border between the CBD and the Vaci Corridor, the city’s largest office subsector. It has seven above ground floors including 23,500 sqm in lettable space and is fully occupied by a diverse set of high quality tenants including Medicover, Dealogic and BNP Paribas. Overlooking the Western Railway Station – designed by Gustave Eiffel – tenants enjoy immediate access to metro, tram and bus lines. Eiffel Square offers 5,000 sqm of retail, restaurant and services units located on the lower levels and over 350 underground parking spaces. 

The acquisition strengthens Allianz Real Estate’s growing portfolio of prime assets in the CEE region, having already acquired Bank Centre, a premium landmark office building, the Allee Shopping Centre, one of the top five shopping malls in Hungary, and Trimaran, a 18,233 sqm office building in Prague acquired in early 2019. 

“We are pleased to have successfully completed this transaction despite the current environment. Eiffel Square is a very high quality asset providing long-term, stable cash flows underpinned by strong tenants. This new deal fits well within Allianz Real Estate’s investment strategy as we expand our presence in Budapest,” said Thomas Villadsen, Head of Austria & CEE, Allianz Real Estate. 

Annette Kröger, CEO North & Central Europe at Allianz Real Estate, said: “I am delighted that we can announce another equity deal in Budapest as we continue to build our CEE presence and further diversify our allocation in the CEE region. We remain focused on acquiring high quality assets in key European metropolitan areas; Eiffel Square fully matches this strategy.”

Tagged with:

Office Europe

Press Contact:

When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.

"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road​, Shanghai Tower, Pudong New District ​, Shanghai 200120​, People’s Republic of China​), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.

PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.