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Mon 26 Sep 2016 07:37 PM

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Dubai's Al Habtoor buys office buildings in Budapest

New real estate acquisitions add to portfolio which already includes two luxury hotels in Hungarian city

Dubai's Al Habtoor buys office buildings in Budapest
The InterContinental Budapest hotel.

Dubai-based Al Habtoor Group has confirmed the acquisition of several key properties in Hungary to add to its portfolio which already includes The Ritz-Carlton, Budapest and The InterContinental Budapest.

The latest additions to the Group's property portfolio in the country include Rumbach Centre, an office building located in the historic part of Budapest's financial, commercial and administrative centre near Deák Square, the company said in a statement.

The Group said it also purchased an office complex in Dorottya Udvar, Budapest. The restored, early 20th century-style former textile mill has been redeveloped into a spacious office complex with a strong international tenant line-up, Al Habtoor added.

Khalaf Ahmad Al Habtoor, chairman, Al Habtoor Group said: "I am delighted to announce our latest acquisitions in Europe. Hungary has a vibrant economy with a rapidly growing office market. I am happy to build on our other successful ventures in the country."

He added: "We have invested heavily in the United Arab Emirates in recent years, and are always looking for good investments abroad. Over the past few years, we have announced major acquisitions in Hungary, Austria, London and the United States.

"Our real estate and hospitality portfolio is growing rapidly. We have teamed up with some of the best names in the business."

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