The property, which offers rentable office space of 24,000 m², has been part of the asset portfolio of CA Immo since early 2011 as a result of the Europolis acquisition. Refinancing of the building for around € 27 m has now been agreed with UniCredit Bank Austria AG.
According to Dr. Bruno Ettenauer, Chief Executive Officer of CA Immobilien Anlagen AG, "Financing conditions on the Hungarian real estate market are particularly tough at present. However, a fully let office property in a prime location in central Budapest is still a stable investment, even in this challenging market climate. We believe the refinancing agreement sends out an important message – that quality criteria such as a good location, a good quality building and good quality tenants still matter in Budapest. "
The main tenants of the City Gate office building were successfully retained in 2011: The two companies, one of them is Nokia Siemens Networks, extended their lease agreements. With Nokia Siemens Networks renting 13,600 m² of floor space and the other tenant renting 8,600 m², nearly all of the usable space at City Gate is now let.
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