LKT advises on the sale of Rumbach Center, the biggest office transaction in Hungary in 2020

LKT advised the Dubai based Al Habtoor Group, one of the MENA region’s most respected conglomerates as seller in connection with the sale of Rumbach Center to GalCap Europe, a real estate asset and investment manager specializing in Austria and Central Europe. Rumbach Center is located in the city centre of Budapest, within walking distance to Deák Ferenc tér, the main junction of the Budapest metro lines. With approx. 7,600 sqm of gross lettable space and 72 underground parking spaces, the property is entirely leased to the Budapest Public Transport Authority BKÜ/BKK, which is headquartered there.

Attila Ungár, partner, heading the LKT Real Estate team commented: “We are very proud to advise Al Habtoor Group, a very respected strategic investment manager of office buildings in the most locations across the Capitals in the CEE region. We advised Al Habtoor on the acquisition of the same office building (together with other significant properties, such as Hotel Imperial Vienna, Le Méridien Hotel Budapest, InterContinental Hotel Budapest and Dorottya Udvar office building back in 2016). Closing this acquisition in the current environment shows that there are great opportunities even during times of the COVID crisis.”

LKT’s legal team was composed of Attila Ungár, partner and Júlia Várkonyi, senior real estate lawyer.