Raiffeisen Real Estate Fund has bought 2,000 square meters of office space and 1,000 square meters of storage and workshop space in Budapest’s District 14 from household appliances manufacturer Electrolux Lehel Kft for €2 million, Andr??s Balogh, managing director of Raiffeisen Investment Fund Management Rt, said last Friday.
Electrolux Lehel will continue to use the property under a long-term lease. Raiffeisen Real Estate Fund is Hungary’s second-largest property fund, with funds under management of Ft 18.6 billion (€72.5 million). The fund had a 12.5% net yield last year, and 80% of its capital is invested in property.