CHSH Cerha Hempel Spiegelfeld Hlawati advised CA Immo in the acquisition of the centrally located Millennium Towers office complex comprising of 70,400 sqm GLA in Budapest, Hungary in all legal aspects of the transaction. It is the biggest standalone acquisition by CA Immo of existing properties since several years and at the same time one of the biggest real estate transaction in Hungary this year.
The transaction volume of the fully let office complex consisting of four buildings, which are located right at the bank of the Danube and which have an annual rental income of EUR 12 mio, amounts to approximately EUR 175 mio. The sellers are TriGranit and an affiliate of Heitman LLC. With this transaction, CA Immo expands its presence in the core market Hungary, where it currently holds the largest property portfolio following Germany and Austria. The transaction is financed from the existing liquidity of CA Immo. The closing of the transaction, which is subject to standard closing conditions, is expected to take place within the next weeks.
Mark Krenn: "We are pleased that CA Immo has trusted again in our services in this landmark deal. This transaction underlines the leading role of our real estate practice in CEE and impressively proves our transnational expertise", said Mark Krenn, partner and head of the CEE Real Estate Practice at CHSH, which to date has advised in real estate transactions with a total value of approximately EUR 0.5 bn in 2016.
Dr. Ingo Steinwender: "Mark Krenn and his team have proved again to be an outstanding partner for complex and high-volume transactions in CEE. We appreciate the excellent quality of his advice, the most proactive and targeted approach as well as his years of experience and industry knowledge as a very valuable addition to our in-house transaction team; we highly recommend him and his team", said Dr. Ingo Steinwender, Group Head of Legal of CA Immo.
Advisors to CA Immo:
CHSH Vienna: Mag. Mark Krenn (Partner, lead partner), Dr. Thomas Trettnak (Partner, W&I Insurance), Mag. Lukas Moser, Mag. Christoph Reiter and Mag. Jakob Hartig (all Associates) and Irina Stokić (Paralegal).
CHSH Budapest: Dr. Wilhelm Stettner (Partner), Dr. László Krüpl, Dr. András Fenyöházi Dr. András Kauten, Dr. Gabriella Klotz (all Attorneys) and Dr. Judit Ferenczy (Associate).
Inhouse: Dr. Ingo Steinwender (Group Head of Legal, CA Immo)
Hogan Lovells LLP (London): Helen Chapman (Partner), Clare Douglas (Attorney), James Richardson (Associate)
Patrikious Pavlou & Associates LLC (Nikosia, Cyprus): Lia Iordanu (Partner) and Elena Georgio (Attorney).
Millennium Towers – Location and features
The office complex is located at a prestigious site on the banks of the Danube, offering a panoramic view of the Buda hills south of CBD in the 9th district. The overall project consists of four buildings (Towers I., II., III and Building H of the K&H Headquarters) with a gross floor space of approx. 70,400 sqm and 1,200 parking spaces surrounded by parks and perfectly connected to the public transport network. The property has received the LEED sustainability certificate and was completed in several construction phases from 2006 to 2011. The Class-A complex is nearly fully let with an occupancy rate of 99.7%, with a well-diversified tenant roster including top international tenants such as Vodafone, Morgan Stanley and Lexmark.
About CA Immo
CA Immo specialises in office properties in Central European capitals. The company was founded in 1987 and operates today in the core markets of Austria, Germany, Poland, Hungary, Czechia and Romania. CA Immo is listed on the Vienna Stock Exchange and included in the ATX index and controls property assets of around € 3.7 billion.