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Kinstellar Budapest advises BYD on the landmark acquisition of IP West office building in Budapest from CA Immo
Kinstellar’s Budapest office has successfully advised BYD, the leading Chinese electric vehicle and battery manufacturer, on the acquisition of the IP West office building in Budapest from CA Immo. The transaction marks a significant step in BYD’s European expansion, with the building set to serve as its European headquarters and is expected to employ over 2,000 people. Located in a prime Budapest office district, IP West comprises approximately 32,100 sqm of leasable office space and 800 parking spaces, making it one of the most attractive commercial real estate assets in the Hungarian capital. The acquisition underscores BYD’s long-term commitment to the CEE region and supports the company’s goal to
Solar park Developments in Hungary: Key legal update on transfer duty
It has become standard practice in Hungary for solar power plants to be developed on greenfield agricultural land owned by third parties. Due to legal restrictions regarding the use of agricultural land, developers are unable to acquire these plots until the project is completed. Unlawful taxation practice challenged Recently, the National Tax and Customs Authority (the “Tax Authority”) calculated the transfer duty not only based on the market value of the underlying land but also included the market value of the solar park entirely constructed by the developer, which resulted in exorbitant tax burdens. The Hungarian Supreme Court (the “Kúria”) recently ruled against the Tax Authority regarding
Kinstellar announces new promotions to Counsel
February 2024 – Kinstellar is delighted to announce the promotions to Counsel of: Yerlan Akhmetov, Kuanysh Shekerbekov (Almaty, Kazakhstan), Cătălin Dinu, Cătălin Graure (Bucharest, Romania), Barnabás Sági (Budapest, Hungary), Yulia Eismont, Maksym Tesliar (Kyiv, Ukraine), Michal Forýtek (Prague, Czech Republic), Andrijana Kaštelan, Vedran Kopilović, Marija Vuchetich (Zagreb, Croatia). ALMATY Yerlan Akhmetov focuses on banking and finance, M&A and capital markets matters. Having been with the Firm for nine years, Yerlan has earned a reputation for cultivating strong client relationships, demonstrating leadership qualities and making significant contributions to our firm's success. He has played a key role
Kinstellar advises Electrolux Group on the successful divestment of its Nyíregyháza factory in Hungary to Qvantum
Kinstellar is proud to announce that it has advised the Swedish appliances manufacturer Electrolux Group on the successful sale of its manufacturing facility in Nyíregyháza, Hungary, to the Swedish high-quality electric heat pumps manufacturer Qvantum for a cash consideration of EUR 38 million. The Kinstellar team was led by Barnabás Sági, Co-Head of the Budapest Real Estate service line, supported by Bertalan Ványa, Associate. The team also included Annamária Csenterics (Partner), Anna Szilágyi (Junior Associate), Judit Sós (Associate), Péter Vörös (Partner), Péter Gullai (Managing Associate), Dániel Péter (Managing Associate), and Szabolcs Szilágyi (Junior Associate).
Kinstellar advises S IMMO AG on the expansion of its office portfolio in Budapest
Kinstellar is delighted to announce that it has once again successfully advised S Immo AG, a leading Vienna-listed real estate investor and developer, on the acquisition of six office properties in Budapest, from Immofinanz AG. The acquisition includes the following six buildings comprising around 124,000 m² of main usable space: Thirteen Globe, Thirteen Xenter, Greenpoint 7, Atrium Park, Haller Gardens and Szepvölgyi Business Park. Most of the properties are located in the strong office submarkets "Vaci Corridor" and "Central Pest". The purchase price is based on the valuation of the property portfolio carried out by an external expert with a value of EUR 244.1 million as of 22 December 2022. The acquisition
Kinstellar advises S IMMO AG on the acquisition of office properties in Budapest
Kinstellar is delighted to announce that it has successfully advised S Immo AG, a leading Vienna-listed real estate investor and developer, on the acquisition of eight properties and one land plot in Budapest (Gateway Office Park, Arena Corner, Andrássy Palace and the five-part BC99 Office Park) from CPI Property Group. After several successful transactions in the CEE region, S Immo AG once again turned to Kinstellar and worked together with our Budapest office for the first time. The transaction is valued at EUR 238.3 million. The excellently managed buildings comprise a total lettable area of around 109,000 m² and are in outstanding condition. The Kinstellar team was led by Barnabás Sági (Managing