German investor Union Investment Real Estate has acquired the Krisztina Palace development in Budapest, Hungary for an investment of EUR 60mln. Union Investment purchased the development for its UniImmo: Global fund, which is making its first investment in Central and Eastern Europe with this transaction. The developer and vendor of the project is the Hungarian branch of European real estate developer Codic International in a joint venture with Blum Holding, a sister company of Germany’s Terrafinanz.
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