Granit Asset Management has acquired the historic Exchange Palace building in the heart of Budapest from private investors, including majority shareholder Cougar Real Estate SA, for an undisclosed sum.
The long-vacant Exchange Palace (Tozsdepalota in Hungarian) is a monumental Beaux Arts building, designed by renowned Hungarian architect Ignac Alpar and built in 1905, with approximately 50,000 square meters of total floor area. The building is located on the west side of Freedom Square (Szabadsag ter in Hungarian) in the historical center of District V in Budapest, across from the US Embassy and only two blocks from the Hungarian Parliament. It served as home to the Budapest Stock and Commodities Exchange until World War II, and after the conflict it became the headquarters of the Hungarian State Television, which it remained until 2009.
The building is a listed historical monument under the protection of Hungary’s National Heritage Authority.
Granit reportedly intends to redevelop the Exchange Palace, while preserving its historic characteristics.
“The successful sale of Exchange Palace marks an exciting milestone for all parties involved in the process,” said Alberto Matta and Andrea Suriano of Cougar Real Estate SA, in a formal statement. “After overcoming numerous challenges to ensure the successful sale and reuse of Exchange Palace in the best interest of our limited partners and the City of Budapest, we are pleased to welcome Granit Asset Management as our buyer, whose shared vision, experience in the local real asset markets and confidence in the project have been instrumental in bringing this transaction to fruition and finally, to completion.”
“One might think this transaction is a great achievement in light of its past, which is definitely true,” said Álmos Mikesy, CEO and Chairman of the Board of Granit Asset Management. “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. 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.”
Image source: www.exchangepalace.com
