LKT advises on the sale of commercial areas of Szervita Square Building

LKT advises on the sale of commercial areas of Szervita Square Building

Lakatos, Köves & Partners (“LKT”) advised Horizon Development on the sale of the commercial part of its LEED Platinum certified premium mixed-use property Szervita Square Building to Union Investment for one of its institutional real estate funds.

Szervita Square Building is an exceptional technical and aesthetic quality downtown Budapest asset with a diverse tenant mix and over 95% commercial occupancy level. Szervita Square Building was designed and constructed in line with ESG (Environmental, Social and Corporate Governance) principles. The office and retail areas are well separated from the top floor luxury residential units in all aspects, which made the asset suitable for investment for institutional investors.

Attila Ungár, Partner, heading the LKT Real Estate team commented: “ We are very proud to advise Horizon Development, this prominent real estate developer in Hungary. We have been advising Horizon Development for several years on various transactions, property operational and leasing matters. The successful sale of Szervita Square Building to a German core investor - re-entering the Hungarian property investment market with the current transaction - proves the international development competence and extremely high quality and sustainability standards of Horizon Development.”

LKT’s legal team was led by Attila Ungár, Partner and composed of Júlia Várkonyi, Ágnes Hegyi, Kata Molnár and Csenge Váradi, Real Estate Lawyers and Ágnes Ábrahám Banking & Finance Lawyer.

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