Schoenherr has advised S-Immo on its acquisition of the BudaPart Gate office building from Market Asset Management. HP Legal Hajdu & Partners advised the seller.
According to Schoenherr, the 20,000-square-meter BudaPart Gate office building, located in Budapest, is the first office building constructed in the BudaPart urban development area and is 100% occupied. The transaction is expected to close by the end of 2021.
S-Immo is an Austria-based real estate investment company managing approximately EUR 2,5 billion in real estate assets in Austria, Germany, and the CEE region. Market Asset Management is a subsidiary of the Hungarian construction company Market Epitoin.
"BudaPart Gate exactly matches our vision of a high-quality, modern, and sustainable office building," S-immo Management Board Member Herwig Teufelsdorfer commented. "We are very pleased to have expanded our portfolio in Budapest with a property that is ESG-compliant across the board. The property's high occupancy rate and earning power will have an immediate positive impact on our cash flow."
The Schoenherr team was led by Vienna-based Managing Partner Michael Lagler and Budapest Head of Real Estate Laszlo Krupl and included Vienna-based Counsel Rainer Clemens, as well as Budapest-based Associates Adrian Menczelesz, Anita Vertes, and Viktoria Magyar.