Gránit Asset Management has completed the purchase of the historical Exchange Palace building in Budapest, from private investors, for an undisclosed sum.
Exchange Palace (Tőzsdepalota in Hungarian) is a monumental Beaux Arts building, completed in 1905, designed by the renowned architect Ignác Alpár, with a total floor area of around 50,000 sqm.
The deal was closed by a private equity fund, managed by Gránit Asset Management, and the Exchange Palace building owner, represented by Andrea Suriano, senior manager of Futura Investment Management and Futura Funds SICAV- Kappa Fund and Canadian investor Michael D. Tippin, Founder of Tippin Corporation.
“One might think this transaction is a great achievement in light of its past, which is definitely true, however, for us, this is just the first step, and in fact the real journey is yet to come with creating a completely new design for Exchange Palace and executing its full restoration,” said Álmos Mikesy, CEO and Chairman of the Board of Gránit Asset Management, representing the buyer.
“The revitalization of this long-vacant building and its transformation into a commercially viable space will have a positive impact on the entire downtown area, boosting not only its architectural appeal but also its economic and tourism prospects,” added the CEO.
Throughout the due diligence and sales process, Gránit was advised by DLA Piper and Sentient. The sellers were represented by CMS Cameron McKenna, CBB law, CBRE and Cushman & Wakefield.
Gránit Asset Management oversees 24 investment funds and oversees €2.7 billion in assets.
