Global law firm Dentons has advised Groupama Gan REIM, French portfolio management company that acted on behalf of SCPI Affinités Pierre, on the acquisition of an iconic office building, Freedom Palace in Budapest. This is Groupama’s second investment outside of France and the first one ever in Central Europe.
Designed by Arthur Meining and built in 1901, Freedom Palace was refurbished to highest standards and offers more than 6,500 sq.m. of premium office and mixed-use premises. Located on Freedom Square (Szabadság tér), in the Central Business District of Budapest, is let to several international tenants.
The investment reflects the desire and commitment of SCPI Affinités Pierre to position itself in landmark buildings, located on prestigious sites and leased to quality occupiers.
Dentons’ teams in France and Hungary provided Groupama with full-scope support, including due diligence, transactional, structuring and tax advice. The transaction was led and supervised by Real Estate partners Lagarde Veronique (Paris) and Szonyi Marcell (Budapest), supported by partner Le Berre Jerome (Real Estate Tax) and associate De Baudry d Asson Amelie (Real Estate) in Paris and associates Zsombor Frankó and Szolnoki Eszter (Budapest).
