Heitman - Acquisition of Science Park, Alkotás Point (AVIVA) and Millenium Towers


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The Challenge

Cushman & Wakefield was instructed by Heitman to give professional advice and due diligence assistance for their acquisition of two office portfolios, Aviva and Millenium Towers.

The AVIVA portfolio consists of two landmark offices known as Science Park, a prime 30,000 sqm office building developed by Skanska offering long term secure income and Alkotás Point, a 25,000 sqm prime office offering more opportunities to add value through active asset management.

Millenium Towers consists of 4 office buildings (totalling ca 70,000sqm) leased to international grade A occupiers such as Morgan Stanley, Vodafone, K&H Bank, Nestle to name a few. With regard to this portfolio the client aimed to form a joint venture with the developer Trigranit and therefore acquire 74.9% of the shares.


The Solution

Heitman, with the help of Cushman & Wakefield, managed to complete the DD process in good time through actively managing the data room and flow of information as well as advising on any red flag issues that came up during the process.


The Results

In a recessionary market both deals were closed in a timely fashion at extremely generous pricing for Heitman and allowing them to become the most active investor in the market in 2011.

Having worked with Heitman in 2010 on the acquisition of Arena Centar in Croatia followed by these acquisitions in 2011, C&W has built a solid foundation for further advisory roles moving forward.

Contact

Mike Edwards

Head of Valuation CEE/CMG Hungary

Budapest, Hungary

Phone +36 1 484 1385

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