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Busy and successful year for Kinstellar’s real estate team in Budapest

January 2020 Last year was particularly active for Kinstellar’s Hungarian real estate team given the variety and importance of completed transactions. The team of real estate and M&A experts has been involved in a number of projects in Hungary, including hotel acquisitions, sale of office buildings as well as shopping malls.

"We are delighted to have been able to work on major deals in the real estate sector in Hungary in 2019 and to have been exposed to challenging issues. We had the privilege to perform diverse and interesting transactions where we could also showcase our capabilities relevant for the real estate sector. Our aspiration has always been to provide the highest quality service to our clients in every situation and this remains our main goal for 2020 as well” – said Anthony O’Connor, Head of Kinstellar’s Corporate M&A practice.

“I am very proud of the real estate practice group which has grown and strengthened significantly since 2015. My appreciation goes to our clients as well for their trust and continuous support enabling us to be part of many significant Hungarian real estate transactions in the last several years” – said Mónika Frank, Head of Kinstellar’s Real Estate practice in Budapest.

Selected 2019 highlights include advising:

Klépierre on the sale of four Hungarian shopping malls to Indotek

Kinstellar is pleased to announce that it has successfully represented the French real estate group Klépierre on the sale of four shopping and entertainment centres in Hungary: Duna Plaza (47,159 m2) and Corvin Plaza (34,600 m2) in Budapest; Győr Plaza (20,000 m2); and Miskolc Plaza (35,300 m2). The transaction was structured as a share deal and involved the sale and purchase of six Hungarian entities owned by Klépierre. The buyer is the Hungarian-American real estate investment fund Indotek Group.

Earlier this year Kinstellar advised Klépierre on the sale of Alba Plaza in Székesfehérvár (central Hungary) and Nyír Plaza in Nyíregyháza (northeast Hungary), both of which were acquired by Indotek. Klépierre is the European leader in shopping malls and combines development, property and asset management skills. The company’s portfolio is valued at €24.0 billion at June 30, 2019 and comprises 100 leading shopping centers in 12 countries in Continental Europe which together host 1.1 billion visits per year.

The team was led by Anthony O’Connor, Partner, and László Palócz, Associate, and consisted of Mónika Frank, Managing Associate, and Bertalan Ványa, Junior Associate.

M7 on the sale of Liget Centre

Kinstellar successfully advised pan-European investor and asset manager M7 Real Estate (M7) on the sale of Liget Centre, a grade A multi-let office building in Budapest, Hungary, acting on behalf of M7 Central European Real Estate Fund I to WINGHOLDING Zrt., the leading property development and investment company in Hungary.

The team was led by Anthony O’Connor, Partner, and Barnabás Sági, Associate.

M7 on the sale of Aerozone Logistics Park

Kinstellar successfully advised pan-European investor and asset manager M7 Real Estate (M7) on the sale of Aerozone Logistics Park to a South African investor, JTRoss Group. The value of the deal is not disclosed.

Located close to Budapest Airport, Aerozone Logistics Park comprises 50,000 m2 of fully leased logistics space across three main units and an additional 15,000 m2 of offices. Recent tenants include a global financial and retail technology business and a logistics provider. In 2017 Kinstellar advised M7 on the acquisition of Aerozone from CA Immo Group and Union Invest.

The team was led by Anthony O’Connor, Partner, and Barnabás Sági, Associate.

Skanska on the sale of the Nordic Light Trio office building in Budapest

Kinstellar successfully advised Skanska Hungary on the sale of the Nordic Light Trio office building in Budapest to JR AMC, a South Korean real estate investment trust. The EUR 41 million transaction marks the South Korean fund’s first office investment in the CEE region, following recent acquisitions in Vienna, Dublin and Paris.

Nordic Light Trio is a seven-story A-class office development located on the Pest side of the Danube River, with total leasable area of approximately 14,000 m2 and 221 underground parking spaces. The building is 98% pre-leased, with a multinational healthcare company as the anchor tenant. Construction of the building is nearing completion, and the actual transfer of the property is scheduled for Q2 2020.

Nordic Light Trio was designed to meet high environmental standards and is the first Skanska building in Hungary to receive WELL certification for its emphasis on well-being at the workplace.

The team was led by Anthony O’Connor, Partner, and Marcell Horváth, Senior Associate.

The Hungarian subsidiary of SK Innovation on the acquisition of a hotel in Hungary

Kinstellar successfully advised the Hungarian subsidiary of SK Innovation, South Korea’s largest petrochemical company and a global trader of crude oils and petrochemicals, on its first hotel acquisition in Hungary.

The team was led by Ákos Nagy, Partner, and Barnabás Sági, Associate.

For more information please contact Anthony O’Connor, Partner, Head of Kinstellar’s Corporate M&A practice at

e-mail

and Mónika Frank, Managing Associate, Head of Kinstellar’s Real Estate practice in Budapest at .