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.
The BEM Palace site is centrally located on the western bank of the Danube. HB Reavis has acquired the site as it moves into a new redevelopment phase, set for completion in 2019. When finished, the building will provide a gross lettable area of approximately 32,000 sqm of office space, combining modern workspace design with cultural heritage through the preservation of the historic riverfront façade. The refurbished BEM Palace will also include a large covered arcade with living greenery, as well as a range of amenities such as cafes, restaurants and retail spaces.
This purchase follows the successful sale of HB Reavis’ first local project, Váci Corner Offices.
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