Dentons has advised the CPI Property Group on the sale of the Airport City Logistic Park to Wing. DLA Piper advised the buyer. "The transaction was carried out at a 5.6% yield, which is the lowest ever rate in the Hungarian industrial and logistics property market," Wing informed.
The Airport City Logistics Park is located near Budapest Liszt Ferenc International Airport and includes about 44,000 square meters of warehouse buildings and 8,000 square meters of office area.
The CPI Property Group is a Luxembourg-headquartered income-generating real estate owner focusing on the Czech Republic, Berlin, and the wider CEE region. The company is listed on the Frankfurt Stock Exchange.
Wing is a privately-owned Hungarian real estate developer and investor.
"Airport City fits well into Wing’s existing real estate portfolio, as the company has already had a number of development projects in the area, the neighborhood of the airport," Wing announced. "Therefore, this transaction will strengthen the company’s position in the Budapest industrial and logistics market, as well."
The Dentons team included Partner Marcell Szonyi and Associate Zsombor Franko.
The DLA Piper team was led by Local Partner Szilard Kui and included Counsel Akos Becher, Attorney Angela Toth, and Associate Gabor Butor.
