CMS has advised Futureal, Hungary’s largest real-estate developer, on its acquisition of the Sasad Resort residential development in the Buda hills area of Budapest from GTC. Dentons advised the sellers on the deal.
Cordia, a Futureal subsidiary, intends to develop 850 homes in Budapest after buying the plots next to the already completed three phases of the Sasad Resort project, in a development originally started by GTC Hungary. Cordia will now invest approximately EUR 140 million in continuing the development, including the purchase of the plots.
Besides the homes, plans also include an 8,000 square-meter private leisure park and an office building. The project is expected to be completed in six phases by 2021.
"Sasad Resort is an important part of Cordia’s massive development roll-out, which will see the completion of over 1,000 new apartments per year in Budapest," said Gabor Futo, President and Founder of the Futureal Group. "During the project, we will cooperate with over 100 subcontractors, creating hundreds of new jobs. The residential buildings will be designed by highly acclaimed KOZTI Architects & Engineers and 4D Architect Studio - KOZTI also worked on the previous phases."
"As GTC is no longer involved with residential development projects, we are delighted that the continuation of further development phases of the Sasad Resort is in the good hands of Cordia, who we know are offering a high-quality product," said Robert Snow, CEO of GTC Hungary.
The CMS team assisting Futureal included Partner Gabor Czike, Senior Counsel Jozsef Varady, and Associate Zsofia Zsurzsa.
The Dentons team advising GTC included Partner Judit Kovari and Counsel Adam Kaplonyi.