S IMMO completed the acquisition of 8 office properties in Budapest from CPI Property Group for €238m.

S IMMO, a real estate investment services provider, completed the acquisition of 8 office properties in Budapest from CPI Property Group, a real estate company, for €238m. "It is our declared goal to position S IMMO as a major player in its markets with regard to office properties. With this purchase, we have taken a major step in this direction and added high-quality properties to our portfolio. This will strengthen the company's earning power and secure cash flow for the coming years. At the same time, it utilizes the operational synergies in Hungary and thus increases the long-term value of S IMMO AG as an important member of CPI Property Group," Herwig Teufelsdorfer, S IMMO Managing director.