International real estate developer HB Reavis announced the acquisition from Europa Property Fund of the BEM Palace in Budapest, the third property in the capital for the developer and its first redeveloped project across all regions, the company said in a press release issued today.

The BEM Palace is located on the western bank of the Danube in central Budapest. The purchase of the property follows the successful sale of HB Reavis’ first local project, Váci Corner Offices. The project is set to be completed in 2019 and will have a GLA of approximately 32,000 sqm of modern office space behind a historic riverfront facade. The refurbished BEM Palace will also include a large covered arcade complete with cafés, restaurants, and retail spaces, according to the press release.

“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.  

Source: BBJ