Dentons has advised GLL Real Estate Partners, a Munich-based international real estate investor and asset manager, on the acquisition of Vaci 1, a landmark retail and office building in downtown Budapest for a separate account mandate from Bayerische Versorgungskammer, from Horizon Development, a Hungarian real estate development, property management, leasing and marketing company. Lakatos, Koves & Partners advised Horizon on the deal.
Dentons describes Vaci 1 as "a prestigious mixed-use commercial building with UNESCO World Heritage status, at the head of Budapest’s famous Vaci utca, offering a 13,750 square meter leasable area." According to the firm, "premium existing lessors include the H&M Budapest flagship store - occupying 3 complete floors of the Vaci 1 building, Hard Rock Cafe Budapest, Szamos Gourmet Palace, DVM group, and Play’n GO."
The Dentons team was co-led by Budapest-based Partner Judit Kovari and Warsaw-based Partner Pawel Debowski, supported by Budapest-based Of Counsels Marcell Szonyi and Adam Kaplonyi and Associates Boglarka Joo, Luca Bokor, Anna Gerendas, Zsofia Lascsik, and Tamas Nemcsok.
The Lakatos, Koves & Partners team consisted of Partner Attila Ungar and Associates Agnes Hegyi, Katalin Losonci, Balazs Kantor, and Orsolya Pass.
Image Source: vaci1.hu