Forestay Group and Recorde Asset Management announce Major Redevelopment in Budapest

Forestay Group, in strategic partnership with Recorde Asset Management, proudly announces the acquisition of Váci Utca 81, a 10,200 sqm office building situated in the heart of Budapest’s vibrant tourist and commercial district. This landmark purchase underscores Forestay Group’s commitment to redefining urban real estate as it embarks on a transformative redevelopment project aimed at creating a dynamic and modern accommodation concept

The redevelopment plans include an upper-midscale hotel with over 200 keys, complemented by an apart-hotel/high-end student housing. This initiative addresses Budapest’s increasing demand for both hotel accommodations and mid-term residential options. Positioned on the city’s iconic pedestrian shopping street, Váci Utca 81 holds immense potential to become a central hub for tourists and residents alike.

The acquisition was facilitated through the Recorde Forestay Highstreet Hotel & Residence Real Estate Fund, managed by Recorde Asset Management, the real estate fund management arm of Concorde Group. Forestay Group will serve as the principal investor, developer, and future hotel operator. The property was acquired from Generali Real Estate, with CMS Hungary providing legal support to the vendor, Grant Thornton advising on tax and financial matters, and iO Partners acting as the seller’s agent. Taylor Wessing Budapest represented the buyer as legal counsel.

“This property offers a unique opportunity to integrate cutting-edge hospitality concepts into a historically significant location. Our vision is to transform obsolete structures into sustainable, high-value developments that meet future market demands. We are confident this project will serve as a flagship initiative, enhancing the appeal of the district for visitors and residents alike,” commented Bálint Botos, Managing Partner at Forestay Group.

Gábor Kutas, Founder and CEO of Recorde Asset Management, added: “This repurposing aligns perfectly with Recorde’s value-add investment strategy. Through our club-deal syndication platform, we connect top-tier general partners with institutional and high-net-worth investors. We are proud to have provided mezzanine equity in a flexible single-project fund structure tailored to this transformative initiative.”