Bird & Bird advises on the sale of All Iron’s residential real estate asset in Budapest for €18.5m
International law firm Bird & Bird has advised All Iron, a socimi specialising in tourist accommodation, on the sale of a real estate asset in Budapest to the Polat Group for €18.5 million. With this divestment, the company will be able to focus its portfolio entirely on Spain.
The asset has a built-up area of 25,214 square metres.
The divestment of the asset, considered non-strategic by the company, will be carried out in two phases. In the first phase, which will take place from the signing of the agreement, All Iron RE I Socimi will transfer the asset, through its Hungarian subsidiary, to a newly created company. The Polat group will pay EUR 4.5 million to All Iron RE I Socimi to acquire 50% of the share capital of this new company and will undertake to 6 million injected into this new company.
Partner Santiago Lardiés has led the legal advice on this transaction with the support of Dária Szabó (counsel in the Budapest office) and José Luis Quintanilla (associate in the Madrid office). The tax advice was led by partner Montserrat Turrado.
