MENU

HungaryZeus Capital ManagementofficesHB Reavis

US Zeus Capital snaps up Budapest officeUS-based Zeus Capital Management has bought the Váci Corner Offices in the Hungarian capital Budapest from Slovakia-based developer HB Reavis...

US-based Zeus Capital Management has bought the Váci Corner Offices in the Hungarian capital Budapest from Slovakia-based developer HB Reavis for a group of investors. The purchase price was not disclosed.

Zeus Capital Management is a privately-held real estate investment management company. Established in 2007 and based in New York, it is led by founder and CEO Stelios Zavvos, a Greek national. Zavvos is also a member of the board of directors of Star Bulk Carriers, the largest U.S. listed dry bulk shipping company. Through its network and affiliated entities, Zeus Capital Management is active in Europe, the Middle East and the US. It has

offices in Athens, Bucharest, Nicosia and Sofia.

Vaci Corner Offices in Budapest (photo: HB Reavis)

The 21,150 sq.m. office complex in the Váci út office corridor in Budapest is HB Reavis’ first development in Hungary. It is almost fully occupied, with tenants including subsidiaries of the MVM Group, CRH Hungary, Sony Europe and GlobeNet. HB Reavis said in a release that it has also relocated its Hugarian headquarters to the building. The site was completed in 2014 and received BREEAM Excellent sustainability certification.

“The acquisition of Váci Corner Offices fits perfectly with the investment strategy of our newest investment platform targeting central east and south east Europe,” said Lila Pateraki, director of investments at Zeus. “This is our first transaction in the Budapest market and we are pleased to have acquired one of the prime office buildings in the promising Vaci Corridor submarket.” The deal was financed by UniCredit Bank Hungary.

As investors’ interest in the asset was high, HB Reavis said it is planning to launch a new, 130,000 sq.m. office development in Budapest. Founded in 1993 and based in Bratislava, HB Reavis operates in Poland, the Czech Republic, Slovakia, Hungary, the UK and in Turkey. It covers development, construction, property and investment management, and has €1.83bn AUM. pie