Dentons advised German asset manager KGAL Group on its acquisition of Eiffel Square, a major office development in central Budapest, from Europa Capital.
Eiffel Square is a 23,500 sqm prime office development next to Budapest’s Nyugati Station (designed by Gustav Eiffel), with 18,500 sqm of offices, 2,100 sqm of retail premises and 1,700 sqm of restaurants.
“Dentons is proud to have advised KGAL Group in this significant Budapest commercial real estate transaction,” commented Judit Kővári, head of Dentons’ Real Estate group in Budapest, who led the team on the deal. “This transaction demonstrates that Dentons can assist commercial real estate investors in both entries and exits from their current CEE/SEE holdings. It also shows the momentum and high level of activity and interest in the Hungarian real estate market.”
“In purchasing the Eiffel Square, KGAL is consistently expanding its pan-European real estate portfolio. The prime property in Budapest is a perfect fit for our targeted investments in prosperous locations in Central Europe,” said Gert Waltenbauer, CEO of KGAL Group. He added: “The team at Dentons gave us strong support in this value-accretive transaction, and we are pleased with their comprehensive professional service.”
The Dentons team on the deal was led by Partner Judit Kővári, supported by Of Counsel Marcell Szőnyi and Ádám Kaplonyi with Associates Anna Gerendás and Zsófia Lascsik.
Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector and who are now targeting...