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.