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CHSH and Hogan Lovells Advise on Sale of Central Udvar in Budapest

CHSH and Hogan Lovells Advise on Sale of Central Udvar in Budapest

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CHSH Budapest has advised GalGap Europe, a Vienna-based investment manager, on its acquisition of a mixed-purpose property named Central Udvar. The property lies in the heart of Budapest, and it is administered on behalf of a separate account for a German pension scheme by Institutional Investment Partners. The advisor on the seller side was Partos & Noblet in cooperation with Hogan Lovells.

Central Udvar has a lettable area of 16,780 square meters, the property mainly consisting of offices and hospitality areas, with 215 underground parking spaces and several storages. The property’s largest occupier is UNICEF.

The acquisition is GalGap's second in the Hungarian capital, following its 2017 acquisition of a renovated palais -- the Merkur Palota, in the city's 6th district -- also made for an individual fund of a German pension scheme managed by Institutional Investment Partners (as reported by CEE Legal Matters on March 22, 2017).

The CHSH team on the Central Udvar acquisition was led by Partner Wilhelm Stettner, assisted by Associate Ivett Szauftman.

The Hogan Lovells team consisted of Partner Christopher Noblet, Senior Associate Laszlo Jen, and Associate Gabor Koszo.

Image Source: centraludvar.com


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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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