July 2016

Bluehouse completed the acquisition of an office portfolio in Hungary. The portfolio consists of Margit Palace, a Grade A office building offering 18,500 sqm of GLA of office space and 2,000 sqm of supportive areas located in the city center of Buda; and Terraparks A&B which combined offer a GLA of 22,000 of office space and 3,600 sqm of supportive areas located in Budaors. This latest acquisition demonstrates the capabilities of Bluehouse to access to off-market deals as a result of longstanding relationships in the region.  Having pre-negotiated with the bank the optimal capital structure for the buildings, we will now pursue an active management strategy to include vacancy reduction, lease extensions and refurbishment work which when completed will enable us to benefit from stable recurring income, and from yield improvement as a result of their institutionalization.