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