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 companyās 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.
āWe 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,ā said ZoltĆ”n RadnĆ³ty, CEO of HB Reavis Hungary.
