The Vienna-based investment manager GalCap Europe has acquired its third real estate in the Hungarian capital, a single-tenant office building named Rumbach Center located in the heart of Budapest, on behalf of a German Pension Fund, managed by Institutional Investment Partners.
Rumbach Center is situated in the 7th district close to Deak Square and Astoria, having a gross lettable area of approx. 7,600 sqm. The property is occupied by one tenant, the Budapest Public Transport Authority, which is headquartered there.
The legal team supporting the transaction was led by Wilhelm Stettner, Head of the Real Estate Practice of CERHA HEMPEL Budapest, and further consisted of Ivett Szauftman (attorney-at-law/Real Estate) and Mr. András Kauten (attorney-at-law) and Ms. Zsanett Szabó (associate/Real Estate).
"We are proud that GalCap again trusted in the services of our real estate team and turned to us with this high-volume transaction. The ongoing business relationship between us and such a significant market player indicates that our legal services fully meet the highest requirements of the Hungarian real estate market. Although the timely completion of the transaction was more challenging than in generall due to the state of emergency caused by the COVID-19 pandemic, we were delighted to contribute to GalCap’s ongoing expansion even in these difficult times.” - said Wilhelm Stettner, Head of Real Estate Practice of CERHA HEPEL Budapest.
“We have already worked together with the Hungarian real estate team of CERHA HEMPEL during the acquisition of both of our office buildings located in Budapest, thus this is the third transaction we have completed together. As always, we were very satisfied with the work of Mr. Stettner and his colleague, Ms. Szauftman. They were both in control of all legal matters arising during the transaction and were very supportive throughout the entire transaction. Mr. Stettner’s flexibility and in-depth knowledge of the Hungarian real estate market as well as Ms. Szauftman’s business-friendly approach and exquisite coordination skills were proven to be very helpful, especially under the volatile market circumstances caused by the COVID-19 pandemic.”- said Marco Kohla, managing partner of GalCap Europe.