Baker McKenzie has advised Luxembourg-based Corpus Sireo Real Estate investment fund on its EUR 53.8 million acquisition of the Eiffel Palace building from the National Bank of Hungary. The seller was represented by Deloitte Legal.
The heritage-protected Eiffel Palace was originally built in 1893 and has been sold twice within the last three years. The National Bank of Hungary purchased the building directly from Horizon Development three years ago for a reported price of EUR 45.3 million.
The Eiffel Palace office building is located adjacent to Nyugati ter, in the heart of the central business district of Budapest. Most of the jurisdictional and governmental buildings are in close vicinity. During the 2013 redevelopment of the building, the facade regained its former 1893 character, based on the original drawings redesigned by architect and artist Kornel Baliga. The internal structure and superstructure were designed by Ybl-prize winning architect Andras Gelesz.
The Baker McKenzie real estate team working on the deal was led by Partner Benedek Kovacs.
Deloitte Legal declined to confirm or offer details as to its involvement in the matter.
Image Source: eiffelpalace.hu