29
Fri, Mar
51 New Articles

CMS Advises Futureal on Sale of Corvin Office Portfolio to OTP Group

CMS Advises Futureal on Sale of Corvin Office Portfolio to OTP Group

Hungary
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

CMS Budapest has advised the Futureal Group on the sale of its six existing office buildings and two office buildings currently under construction, together referred to as the Corvin Office Portfolio, to OTP Real Estate Investment Fund Management. DLA Piper reportedly represented the OTP Group on the acquisition.

According to a CMS press release, the transaction is considered to be one of the largest real estate transactions of the year in Hungary.

The buildings have a total of 80 thousand square meters and include four Corvin Towers: Corvin One, Corvin Corner, Corvin Technology Park, and Corvin 7.

Futureal Group Founder Gabor Futo described the transaction as "a significant milestone in the development of the Futureal Group and in the 15-year-old history of Corvin Promenade," and said: "The promenade, a symbol of Budapest’s development, continues to act as a bridge between the successful past and the promising future of our group. We are certain that the Corvin Offices are in competent hands and the agreement now concluded will further strengthen our excellent professional relationship with the OTP Group.”

The CMS team was led by Partner Gabor Czike and included Associate Laszlo Jokay.

Editor's Note: In February 2020 DLA Piper informed CEE Legal Matters that the deal had closed, and that its team consisted of Partner Sziiard Kui, Senior Associate Attila Remes, and Associate Bettina Bonczok.

CMS at a Glance

CMS Sofia is a full-service law firm, the largest international law firm in Bulgaria and one of the largest providers of legal services in the local market as a whole. The breadth and depth of our practice means that our lawyers are specialised, with a level of specialisation that few of our competitors can match.

CMS Sofia is the Bulgarian branch of CMS, a top ten global legal and tax services provider with over 5000 lawyers in 43 countries and 78 offices across the world.

CMS entered the Bulgarian market as one of the first internationally active law firms in 2005 and is now among the most respected legal advisors in the country. We have 7 partners, 4 counsel and over 30 lawyers in our office in Sofia.

Our legal experts, who are rooted in Bulgaria’s local culture, can also draw on years of experience in foreign countries and are at home in several legal systems at once. We know the particularities of the local market just as well as the needs of our clients and combine both to achieve optimum solutions. Our lawyers are Bulgarian qualified and we also have English qualified experts – all of them regularly working on cross-border mandates.

In our work, we focus on M&A, Energy, Projects and Construction, Banking and Finance, Real Estate, Media, IP and IT law, Tax, Employment law, Competition, Procurement and any kind of Dispute resolution, including arbitration and mediation. What’s more, we also take care of the entire legal management of our clients’ projects.

Firm's website.