On February 16, 2017, CEELM reported that GTC Real Estate Development had sold the Sasad Resort, an almost-completed residential project in Budapest, to Futureal, the largest real estate developer in Hungary. We reached out to Viktoria Molnar, Legal Counsel at GTC Hungary, for information about the deal.
Clifford Chance and Dentons are reporting that the EUR 650 million sale of a 265,000 square meter CEE retail portfolio by CBRE Global Investors to CPI Property Group that was initially reported in January closed on March 29, 2017, and more information has been learned about the structuring of the deal and the firms involved.
On January 13th, 2017, CEELM reported that Skanska had handed over its Nordic Light office complex in Budapest to Erste Alapkezelo Zrt. We invited Gabriella Delcsev, the Legal Manager at Skanska Hungary, to describe her team's work on the divestment.
Sar & Partners has advised Hungarian hotel chain management companies responsible for the Prestige, Continental, and Boutique Hotels Budapest****Superior in several trademark infringement proceedings in Hungary initiated by or against the fast fashion company, Industria de Diseno Textil S.A., holder of the international and European Union "ZARA" trademarks. The subject of these proceedings was the use of the logo by the hotel chain management companies in connection with services of four stars superior premium hotels.
A two-hour webinar, May 9, 2017, from 11am -1pm NYC time
CMS Budapest has advised Balbec Capital LP and APS Holding on the financing and acquisition of a non-performing loan portfolio of residential mortgages from UniCredit. The total claim value of the portfolio is HUF 42.7 billion, or approximately EUR 139 million. Reti, Antall & Partners — the law firm associated with PWC in Hungary — advised UniCredit on the deal, which is one of the first residential mortgage portfolio sale and purchase transactions on the Hungarian market.
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.
Andreas Koehler has moved from Dentons to join CMS's Budapest office along with Senior Associate Gabor Toth.
Former Dentons Counsel Zita Albert has joined Schoenherr as a Local Partner to lead the Budapest office's Corporate/M&A team.