In April 2017 Prime entered a strategic joint-venture with a Global Investment Bank, as part of which Prime became the Asset Manager and a minority co-investor in two centrally located office buildings in Budapest. Corner 6 is located in downtown Budapest’s district 6, adjacent to the prestigious Andrassy avenue and consists of a total lettable area of circa 6.800 sqm over 5 basement levels, ground and 7 upper floors.
Upon acquisition circa half of the office spaces were let to the Hungarian EXIM bank while the ground floor retail spaces were let to an entertainment operator. Following a building modernization exercise launched by Prime which included a comprehensive architectural and interior redesign, in mid 2019 the building became 100% occupied with long term institutional grade leases in place. Thereafter, in December 2019 and after the value-add initiatives were completed, the building was sold to a major global property fund, resulting in significant return achieved over the holding period (2.5 years).
6.800 sqm (GLA)