CHSH has advised CA Immo on the sale of the office complex "Buda Business Center" in Budapest, Hungary, to an open-ended fund managed by Diófa Fund Management under the terms of an asset deal.
The Buda Business Center, which occupies a good central location in the second district of Budapest, has approximately 6,400 m2 of office space.
"We're pleased to have advised CA Immo in connection with this transaction. In doing so, we're underscoring the cross-border expertise of our real estate practice", Mark Krenn, who heads up the CEE Real Estate & Construction Practice Group at CHSH.
"The extremely short time frame was a particular challenge that we were able to successfully overcome for our client", Wilhelm Stettner, Managing Partner at CHSH Hungary. "The sale is a further indication that the Hungarian real estate market is recovering. The number of transactions has constantly been increasing since 2013."
The team at CHSH consisted of partner Mark Krenn (Vienna), partner Wilhelm Stettner (Budapest) and attorney Dr. György Molnár (Budapest).
Established in 2014, the real estate fund managed by Diófa Fund Management primarily invests in retail properties and office premises and is marketed via the branches of the Hungarian savings bank sector.