TriGranit Sells Millennium Towers in Budapest for €175m

TriGranit completes the largest ever Hungarian office sale 


30 September 2016, Budapest – TriGranit, one of the leading, fully integrated real estate platforms in Central Europe, and Heitman LLC, are pleased to confirm the completed sale of the Millennium Towers office complex to CA Immo. TriGranit, the developer of the asset remains property manager of the office complex.

TriGranit, which is owned by TPG Real Estate, has sold a Class A 70,400 sqm complex, comprised of four office buildings within the Millennium City Center in Budapest, Hungary, for €175 million. The transaction is one of the largest ever office deals in the Hungarian market, by both value and gross leasable area.

Millennium Towers was developed by TriGranit between 2006 and 2011. After developing the project during the economic crisis, Trigranit quickly positioned the complex as one of the most popular headquarters for large, multinational companies, such as Vodafone, Morgan Stanley, Oracle, K&H Bank, Lexmark and Nestle.

In 2011, an affiliate of Heitman LLC acquired a 74% share in Millennium Towers.

With this project, we turned a brownfield site into a flourishing new city district and created unique office spaces in the real-estate market in the middle of the economic crisis. We continue to see great potential in the Hungarian office market. TriGranit is working on a new office development project in Hungary, the Millennium Gardens development, which would be located on a site by the bank of the Danube, close to the future Congress Centre at MÜPA and the National Theatre. Future development on the site would provide over 35,000 sqm of office space and over 600 parking spaces for future tenants.” said Árpád Török, CEO of TriGranit.

With the sale of the Bonarka City Centre, and now the Millennium Towers office complex, TriGranit continues to demonstrate its ability to identify unique opportunities, and then develop such sites into top quality assets, which appeal to blue-chip clients.” – said Michael Abel, Managing Director of TPG Real Estate.


About Millennium Towers   

Over the past decade, TriGranit has developed a total area of 360,000 sqm on Millennium City Center’s 3-hectare plot; the Duna-Pest Residences consisting of more than 310 luxury apartments; the world famous Palace of Arts, MÜPA; four Millennium Tower class “A” office buildings; and the K&H Headquarters, The Millennium Office Towers I, II and III, with 70,400 sqm, have become popular locations for local and foreign companies. The Millennium Towers K and H were the first office towers to receive the LEED Gold certificate in Hungary.

About TriGranit

TriGranit, which is owned by TPG Real Estate, is one of the largest, fully integrated real estate platforms in Central Europe, focusing primarily on quality retail and Class “A” office buildings in strategic urban locations.  TriGranit conducts a full spectrum of real estate activities, including acquisition, development, and construction, as well as property and asset management. In its two decades of operation, TriGranit has developed nearly 50 landmark projects creating 1 million square meters of GLA in seven CEE countries and has won more than 40 highly prestigious international awards.

About TPG Real Estate

TPG Real Estate (“TPGRE”) is the dedicated real estate investment platform of TPG, a leading global private investment firm with over $70 billion of assets under management and 17 offices around the world. TPGRE includes both TPG Real Estate Partners (“TREP”), the equity investment platform, and TPG Real Estate Finance Trust (“TRT”), the debt origination and acquisition platform. Collectively, the two platforms have in excess of $6 billion of assets under management across TPGRE and other TPG-sponsored vehicles. TREP has invested approximately $3 billion of equity in North America and Europe since 2009 and focuses primarily on investments in real estate platforms and property rich companies. TRT is a balance sheet lender that originates large, transitional, floating rate first mortgage loans and select mezzanine loans secured by all major property types in major and select secondary United States markets. For more information, please visit

About CA Immo

CA Immo specialises in office properties in Central European capitals. The company was founded in 1987 and operates today in the core markets of Austria, Germany, Poland, Hungary, Czech Republik and Romania. CA Immo is listed on the Vienna Stock Exchange and included in the ATX index and controls property assets of around € 3.7 billion.

About Heitman

Founded in 1966, Heitman LLC is a global real estate investment management firm with nearly $37 billion in assets under management.  Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies.   Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Dusseldorf, Frankfurt, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s over 300 employees offer specialized expertise – from a specific discipline to local insight.

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