Dentons has advised GLL Real Estate Partners, a Munich-based international real estate investor and asset manager, on the acquisition of Váci 1, a landmark retail and office building in downtown Budapest for a separate account mandate from Bayerische Versorgungskammer.
Horizon Development, a Hungarian real estate development, property management, leasing and marketing company, sold its 100 percent ownership stake in the Váci 1 building.
Váci 1 is a prestigious mixed-use commercial building with UNESCO World Heritage status, at the head of Budapest’s famous Váci utca, offering a 13,750 sqm leasable area. Premium existing lessors include the H&M Budapest flagship store – occupying 3 complete floors of the Váci 1 building, Hard Rock Café Budapest, Szamos Gourmet Palace, DVM group, and Play’n GO.
“Our capabilities to support acquisition and inward investment around the most prominent and prestigious trophy assets in the Hungarian real estate space are showcased by this deal,” said Judit Kővári, head of Dentons’ Real Estate group in Budapest.
The Dentons team on the deal was co-led by Partners Judit Kővári (Budapest) and Pawel Debowski (Warsaw), supported by Of Counsels Marcell Szőnyi and Ádám Kaplonyi, with Associates Boglárka Joó, Luca Bokor, Anna Gerendás, Zsófia Lascsik and Tamás Nemcsók (all Budapest).