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Kinstellar and EY Law Advises on Financing of WestEnd City Center in Budapest

Kinstellar and EY Law Advises on Financing of WestEnd City Center in Budapest

Hungary
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Kinstellar Hungary has advised a syndicate of banks consisting of Erste Group Bank AG, Erste Bank Hungary Zrt., K&H Bank Zrt., UniCredit Bank Hungary Zrt. and UniCredit SpA – led by Erste – in connection with a EUR 335 million credit facility to Granit Polus for refinancing existing loans and providing a capex credit line for the WestEnd City Center shopping mall in Budapest. EY Law advised the borrowers on the deal.

According to Kinstellar, WestEnd City Center, which opened in November 1999 and was built by Hungary's TriGranit, "is one of Hungary’s best performing and most popular shopping centers. WestEnd’s multi-function building extends across a 47,000 square meter retail area and consists of a 16,000 square meter 'A' category office complex, a 22,300 square meter rooftop garden, and the five-star WestEnd Hilton Budapest City hotel." According to the firm, "this loan agreement, a landmark deal in the Hungarian real estate market, is evidence that lenders are ready to provide financing for propitious development projects."

Kinstellar Managing Partner Csilla Andreko, who led her firm's team on the deal, explained that: “Having previously worked on the original financing and subsequent refinancing of the WestEnd City Center, we are delighted to have been able to again advise a syndicate of top-tier banks in connection with one of the most significant real estate finance transactions in the Hungarian market in 2017 so far. The project has been extremely challenging, given the tight deadlines and participation of five major banks of different nationalities. The successful completion of the transaction is another accolade for Kinstellar, which is becoming the number one legal advisor in Hungary for complex, cross-border financing of commercial real estate.”

In addition to Andreko, the Kinstellar team was made up of Partner Kvetoslav Krejci and Senior Associates Mate Nagy, Zsuzsa Andreko, Marcell Horvath, and Barnabas Sagi.

The EY Law team consisted of Managing Partner Ivan Sefer and Managing Associate Walid Frolic.

Image Source: westend.hu

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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