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CMS Advises Futureal on Sale of Corvin Office Portfolio to OTP Group

CMS Advises Futureal on Sale of Corvin Office Portfolio to OTP Group

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CMS Budapest has advised the Futureal Group on the sale of its six existing office buildings and two office buildings currently under construction, together referred to as the Corvin Office Portfolio, to OTP Real Estate Investment Fund Management. DLA Piper reportedly represented the OTP Group on the acquisition.

According to a CMS press release, the transaction is considered to be one of the largest real estate transactions of the year in Hungary.

The buildings have a total of 80 thousand square meters and include four Corvin Towers: Corvin One, Corvin Corner, Corvin Technology Park, and Corvin 7.

Futureal Group Founder Gabor Futo described the transaction as "a significant milestone in the development of the Futureal Group and in the 15-year-old history of Corvin Promenade," and said: "The promenade, a symbol of Budapest’s development, continues to act as a bridge between the successful past and the promising future of our group. We are certain that the Corvin Offices are in competent hands and the agreement now concluded will further strengthen our excellent professional relationship with the OTP Group.”

The CMS team was led by Partner Gabor Czike and included Associate Laszlo Jokay.

Editor's Note: In February 2020 DLA Piper informed CEE Legal Matters that the deal had closed, and that its team consisted of Partner Sziiard Kui, Senior Associate Attila Remes, and Associate Bettina Bonczok.

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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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