Taylor Wessing has advised Recorde Asset Management and Forestay Group on the acquisition of a building in Budapest’s Gellert Hill area set to become the Moricz Student Living student residence and office building. Taylor Wessing, working with Kalman & Partners, also advised Recorde and Forstay on the acquisition financing obtained from Hypo Bank Noe.
Recorde Asset Management is an alternative fund management company.
Forestay Group operates in investment management and property development.
According to Taylor Wessing, the building in question is set to become the Moricz Student Living student residence and office building, after renovations. "The 15,440-square-meter building is undergoing partial internal renovation supervised by Forestay. It will include 72 double rooms for long-term stays and traditional short-term rentals. The dormitory will include study and relaxation areas and a laundry room. Existing offices, meeting rooms, auditoriums, and catering facilities will be retained, and 48 underground parking spaces will be available, and will be managed by Forestay Group."
The Taylor Wessing team included Partner Daniel Odor, Senior Associate Kinga Harza, and Associates Petra Szoke and Adel Kovacs.
