Al Habtoor buys office block in Budapest

The conglomerate, based in Dubai, already owns two luxury hotels in the country’s capital city: The Ritz-Carlton, Budapest, and The InterContinental Budapest.

Al Habtoor Group has expanded its European property portfolio with the acquisition of offices in Hungary.

The conglomerate, based in Dubai, already owns two luxury hotels in the country’s capital city: The Ritz-Carlton, Budapest, and The InterContinental Budapest.

Now it has bought the Rumbach Centre, an office building in the historic part of the city’s financial district.

It also acquired another office complex in the city created from a restored textile mill.

It did not disclose the price or the size of the developments.

“Hungary has a vibrant economy with a rapidly growing office market,” said Khalaf Ahmad Habtoor, the chairman of Al Habtoor Group. “I am happy to build on our other successful ventures in the country.”

The company has expanded from its UAE base in recent years with acquisitions in the UK, Austria and the US.

This year it also bought the Hilton London Wembley and the Hotel Imperial in Vienna.

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Published: September 26, 2016 04:00 AM

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