HB Reavis has acquired the BEM Palace, currently under construction along the western bank of the Danube River in Budapest, from Europa Property Fund. The cost of the deal was not disclosed. This is the company’s third development acquisition on the Hungarian market and its first redevelopment project across all markets. When completed, BEM Palace will offer 32,000 sqm of office space.
“We are pleased to announce the acquisition of BEM Palace, a prominent development that broadens our existing portfolio and helps HB REAVIS to become a key player in the Budapest office market now and in the years ahead,” said Zoltán Radnóty, CEO of HB Reavis Hungary.
