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News Release


JLL advises German asset manager KGAL on the purchase of the Eiffel Square office building in Budapest

​• The deal represents the largest office transaction in Hungary in 2016
The deal marks the return of core investors in Hungary

JLL has advised KGAL GmbH & Co. KG (“KGAL”), the German asset and investment manager, on the purchase of the Eiffel Square office building located in Budapest, representing the largest office transaction in Hungary in 2016.
The Eiffel Square building completed in 2010 by a development Joint-Venture between Europa Capital, ConvergenCE and DVM consists of 17,600 sq m of office space complemented by some 5,000 sq m of retail amenities on lower levels including restaurants, cafés, a medical centre and a supermarket. Cetelem Bank (BNP Paribas Group), Dealogic, Medicover, Givaudan, Grundfos and AXN (Sony Group) are among the main tenants in the building. The asset is one of the leading office properties in Budapest and has received the CIJ’s Best Office Development Award and the FIABCI Prix d´Excellence runner up for Office Development Award worldwide in 2010.
Benjamin Perez-Ellischewitz, Head of Capital Markets, JLL Hungary, commented: “The acquisition by KGAL of the Eiffel Square asset marks the return of core buyers to Budapest and we are proud of our instrumental involvement in this development. Similar to our sale of the AEW portfolio back in 2015, the transaction signals a change of gear for international investors’ interest in the Budapest commercial real estate investment market.”
Hungary was one of the worst-hit countries by the financial crisis in 2008, and has struggled to regain momentum in the following years, but the market has picked up in 2014 and 2015 with transaction volumes reaching some €800 million. JLL anticipates a dramatic increase of activity in 2016 with transaction figures expected to reach more than €1.2 billion.