S Immo has purchased six office properties in Budapest, Hungary, worth €244.1 mln, from Immofinanz.
The purchase comprises around 124,000 m2 of main usable space, with rental income of around €18.9 mln per year.
The deal includes the following six buildings: Thirteen Globe, Thirteen Xenter, Greenpoint 7, Atrium Park, Haller Gardens and Szepvölgyi Business Park.
Most of the properties are located in the strong office submarkets Vaci Corridor and Central Pest.
The acquisition is part of S Immo’s strategy of expanding its portfolio on the attractive Budapest office market.
Immofinanz Services Hungary is a related party of S Immo.
Herwig Teufelsdorfer, member of S Immo AG's Management Board, commented: ‘Having already acquired eight properties in Budapest in November, we are now adding a further six properties to our portfolio and reinforcing our position as a major office property player. At the same time, we are strengthening S Immo's earnings sustainably and expect significantly positive effects on cash flow and other key figures. Furthermore, the acquisition enables additional, profitable synergies within the CPI Property Group.’