The Szecsenyi law firm has advised a fund managed by CBRE Global Investors on its sale of the Liget Center in Budapest to M7 Real Estate, acting on behalf of its first Central European fund for third party investors, M7 Central European Real Estate Fund I (M7 CEREF I). Kinstellar advised M7 on the deal.
M7's acquisition -- along with its acquisition of a 24,598 square meter multi-tenanted industrial property in Godollo, Budapest, from Omega Real Estate Fund -- follows the completion of the final close of the M7 CEREF I Fund, which reached its target raise of EUR 60 million of investor capital in April 2017, as well as the agreement of a EUR 68.5 million senior debt facility with Starwood European Real Estate Finance.
The Liget Center offers 10,863 square meters of multi-let office space in the center of Budapest, overlooking Varosliget Park -- one of the city’s biggest parks.
David Ebbrell, chief investment officer at M7, said: “As we continue to expand into CEE, these acquisitions are a further demonstration of the value that we see in the region, having now closed on a total of EUR 84 million of assets on behalf of M7 CEREF I. We have identified a further pipeline of acquisitions, and anticipate closing a further significant transaction in the near term.”
The Szecsenyi team was led by Daniel Kellner.
Image Source: ligetcenter.hu