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CMS and Dentons Advise on Sale of Sasad Resort Project in Budapest

CMS and Dentons Advise on Sale of Sasad Resort Project in Budapest

Hungary
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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.

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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