CHSH Budapest has advised Vienna-based investment manager GalCap Europe on its acquisition of a renovated palais in the center of Budapest under its Eastern European mandate for an individual fund of a German pension scheme managed by Institutional Investment Partners. Lehoczky, Muszka es Szelei advised the unidentified private investor. The purchase price was not disclosed.
The Merkur Palota is located in the 6th district of the Hungarian capital, within walking distance of the opera house and the grand boulevard Andrassy ut. The building, which contains approximately 8,000 square meters of rentable space, was recently fully refurbished and now houses, among other companies, the European headquarters of Prezi.com, Hungary's most successful Internet start-up. The ground floor is occupied by a restaurant and there are a total of eight apartments in the two top floors, all with terraces and impressive views over the city.
"The markets of Central and Eastern Europe, in particular Budapest, still offer good purchase opportunities and attractive risk return profiles," commenter Marco Kohla, Managing Partner of GalCap Europe. "We have several deals in the pipeline for our clients and will continue to increase activities in Eastern Europe."
The CHSH team was headed by Partner Wilhelm Stettner.
Image Source: gestimhungary.com
