March 2018

CHSH Budapest advised GalCap Europe on its acquisition of Central Udvar

The Vienna-based investment manager GalCap Europe has acquired its second real estate in the Hungarian capital, a mixed-purpose property named Central Udvar lying in the heart of Budapest, on behalf of a separate account for a German pension scheme, administered by Institutional Investment Partners.

Central Udvar is located in the 7th district close to Deak Square and Astoria, having a lettable area of 16,780 sqm.  The property mainly consists of offices and hospitality areas besides having 215 underground parking spaces and several storages. The property’s largest occupier is UNICEF.

The legal team supporting the transaction was led by Wilhelm Stettner, Head of Real Estate Practice of CHSH Budapest being assisted by Ivett Szauftman.

"We are proud that GalCap again trusted in the services of our real estate team and that we had the opportunity to contribute to their ongoing expansion in Budapest. The ongoing business relationship between us and such a significant market player as GalCap indicates that our legal services fully meet the highest requirements of the real estate market." - said Wilhelm Stettner, Head of Real Estate Practice of CHSH Budapest.

“We could not have been more satisfied with the legal services received from Mr. Stettner and his colleague, Ivett Szauftman, who were both in control of all legal matters arising during the transaction. The real estate team of CHSH was extraordinarily supportive throughout the whole deal which facilitated a smooth closing. One of Mr. Stettner’s biggest strengths is that he is capable of resolving the conflicts in a very business-friendly manner and always finds easily feasible solutions for sophisticated problems. These skills of his were proven to be very helpful in course of this transaction too.”- said Marco Kohla MRICS, Managing Director of GalCap Europe.