International real estate developer HB Reavis has announced the acquisition of the BEM Palace in Budapest from Europa Property Fund. Located in the heart of Buda, BEM Palace is the company’s third development site purchased in the Hungarian market and their first redevelopment project across all markets. This purchase follows the successful sale of HB Reavis’ first local project, Váci Corner Offices.
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. While the focus of the project is to redevelop a high-end and people-centred office complex, we will also enhance the amenities in the area and create a new and natural meeting point for local residents and office workers.