Noerr has advised UniCredit on financing it provided to South Korean real estate investment trust JR AMC for its acquisition of the Nordic Light Trio office building in Budapest from Skanska. Partos & Noblet — the Budapest office of Hogan Lovells — advised JR AMC on both the financing and the underlying acquisition, while Kinstellar advised Skanska.
Nordic Light Trio is located on the Pest side of the Danube. It offers a total leasable area of approximately 14,000 square meters and 221 parking spaces. According to Skanska, 98% of space within the building is already leased, with the anchor being a multinational healthcare company. The building is located in Vaci Corridor, the popular office hub and new CBD of the Hungarian capital Budapest. The area around the Nordic Light complex will offer 2,400 square meters of landscaped multi-activity gardens open to tenants and neighboring communities, bicycle storage facilities with changing rooms and showers, as well as parking with charging stations adapted for electric vehicles.
“We, JR AMC, are very happy to sign Nordic Light Trio with Skanska," said Hyon Suk Jang, Executive Managing Director of Foreign Investment at JR AMC. "With yields in Western Europe breaking historic records, our interest is to constantly explore new markets whereby we can achieve high yields, simultaneously minimizing any trade-off in building quality or macro risk profile. In such sense, we strongly believe the CEE market is in favor of any other market. In the case of Budapest, Hungary, we have been following the market for the past year and a half with high interest. Considering both macro/micro economic figures and also the trend of the real estate market in Hungary, we are convinced of the significant potential for further growth and establishment."
Noerr's team was led by Partner Edina Schweizer and included Attorney Szilvia Andriska and included Trainee Attorney Barbara Herczegfalvi.
The Partos & Noblet team was led by Partner Sandor Bekesi, who was assisted on real estate and corporate matters by Senior Associate Zoltan Janosi and Associates Krisztian Devecz and Miklas Weiczer, and on financing matters by Senior Associate Gabor Koszo.
Kinstellar's team was led by Partner Anthony O’Connor and included Senior Associate Marcell Horvath and Managing Associate Monika Frank.