News

July 2016
Bluehouse completed the acquisition of one Grade A and two Grade B+ office buildings in Hungary. The portfolio consists of Margit Palace, a Grade A office building located in the city center of Buda, which was completed in 2003 with a GLA of 17,193 sqm of office space, 1,889 sqm of storage space and 229 underground parking spaces;  and Terraparks A&B, located in Budaor, which were completed in 2002, and combined have a GLA of  26,216 of office space, 3,834 sqm of storage, 70 underground parking spaces and 242 above-ground parking spaces.  Tenants include Roche, Dupont, Invitel, Emea Remote and Justice Table, to name a few.  This latest acquisition demonstrates our unique access to off-market deals as a result of our 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.
July 2016
Bluehouse is nominated for  “Best Real Estate Investment Manager – Emerging Europe 2016” by CFI.co, an organization that seeks out organizations that contribute significantly to the convergence of economies and truly add value. The Awards Program aims to identify and reward excellence wherever it is found in the hopes of inspiring others to further improve their own performance. Bluehouse was nominated following voting from CFI.co readers, subscribers and contributors such as the World Bank Group and various UN organizations, EU bodies and other prominent entities.
June 2016
Bluehouse is nominated for “Investor of the Year” at the 6th Annual EuropaProperty CEE Investment & Green Building Awards Gala, which will be held in Warsaw, October 27th, 2016 at the Intercontinental Hotel.
February 2016
Bluehouse is nominated for “Investor of the Year” at the 9th Annual EuropaProperty SEE Real Estate Awards Gala & Forum, which will be held in Bucharest, April  21, 2016 at the Radisson Blu Hotel.  
January 2016
Bluehouse sold its stake in City Gate to GTC in January 2016 to GTC, one of the leading commercial real estate companies in Central, Eastern and Southern Europe. City Gate was developed in a joint venture between Bluehouse and GTC, and is one of the most prestigious office buildings in the central business district of Bucharest. It is currently leased to international tenants such as Microsoft, Millennium, Knauf, Roche, Romtelecom and Rompetrol. The land plot was acquired in June 2006, and two Grade A office towers totaling 47,638 sqm were delivered in November 2009. City Gate was voted Building and Office Development of the Year in 2009 by CEE Quality Awards, was given the Green Building Award at the Europa Property SEE Real Estate Awards in 2011, and also received Green LEED “Gold” accreditation, in line with our commitment to high environmental standards as a means to add value.
October 2015
Bluehouse sold the Victoria office center in Bucharest, Romania to GLL Real Estate Partners, a German-based asset management firm. Victoria was developed by Bluehouse and is one of the most prestigious office buildings in the CBD of Bucharest. It is currently leased to international tenants such as Citibank, Starbucks, Jones Lang LaSalle, AON and AIG. Victoria was voted the Best Office Development in Romania in 2009, and was awarded Green Accreditation by BREEAM, in line with our commitment to high environmental standards as a means to add value.  The sale of the Victoria center is another successful exit for Fund I, and is evidence of the shift in investor sentiment towards the country.
September 2015
Bluehouse sold three Czech retail assets in Hradec Králové, Znojmo and Jablonec to Redside Funds, a Czech institutional investor.  The retail parks were acquired by Bluehouse in two separate transactions, in April 2012 and February 2013, and were grouped as a portfolio with common investment characteristics.  The investments were part of the Fund’s strategy to assemble an institutional quality retail park portfolio leased to well-established, multinational-tenants, which offered income security and upside potential from technical and leasing repositioning. This portfolio sale further validates our strategy of repositioning assets suitable for institutional buyers focused on yield, and is another significant realization for Fund III.
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