Members' News

CMS advises real estate developer ATENOR on the sale of Váci Greens Building A and C

CMS advised the Belgian real estate developer ATENOR on the sale of two buildings in the Váci Greens complex in Budapest. Building A, which was finished in September 2013, contains 15,700 m² of office space, 88% leased to various tenants of repute (General Electric, Sykes, Enterprise, BNP Paribas Real Estate, Budapest Bank), while Building C was completed in June 2015 and comprises 18,500m² office space, fully let to General Electric. 

The Váci Greens complex, started in 2008 by Atenor, includes six Class A office buildings with a total surface area of over 120,000 m². The complex, ideally located in the heart of the highly dynamic Váci Corridor business district has obtained the "BREEAM Excellent" environmental certificate. The investment market has been recently very active in Budapest and various investors demonstrate a strong interest for the purchase of Building B (25,300m², 65% let) of the complex as well.

The CMS team assisting Atenor included Partner Gábor Czike, Senior Counsel József Várady and Lawyer László Jókay.

BT Signs Co-operation Agreement With the Hungarian Government

 
BT workforce in Hungary doubled to 2,000 employees in the last two years to serve multinational companies

The Hungarian Government and BT, one of the world’s leading providers of communications services and solutions, have signed a Strategic Cooperation Agreement, supporting the development of BT’s operation centres in Hungary. The agreement was signed in Budapest on May 13 by Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade, and by Zoltán Szabó, General Manager, and by Mária Grócz HR manager of BT’s Regional Operations Centre in Hungary. During the signature ceremony, BT also announced it had created 1,000 new jobs during the last two years, doubling the size of its local workforce: the number of BT employees in Hungary has now reached 2,000. The new roles at the operations centre in Hungary serve Global Services customers in multinational companies around the world.

For the full press release, please click here.

CMS ADVISES CHINA CEE-FUND AND CEE EQUITY PARTNERS ON THE ACQUISITION OF INVITEL GROUP

CMS has advised China CEE Investment Co-operation Fund and CEE Equity Partners on their acquisition of 99.9% of Magyar Telecom B.V.’s holdings in the Invitel Group, including INVITEL Távközlési Zrt., INVITEL Központi Szolgáltatások Zrt., Invitech Megoldások Zrt. and Invitel Technocom Kft.

Invitel Group has an enterprise value of €202 million, and focuses on residential fiber developments and converged B2B IT-telco solutions. The transaction is estimated to complete in the second half of February, upon Competition Authority approval.

The CMS team assisting CEE Equity Partners and the China CEE-Fund was led by Anikó Kircsi, Partner, Head of Corporate/M&A and included Gábor Gelencsér, Senior Counsel from the corporate team. On the competition side the team was supported by Dóra Petrányi, Partner, Head of Competition and Szabolcs Szendrő, Senior Associate.

New General Manager of the Courtyard by Marriott Budapest City Center

Catalina Susan was appointed the new General Manager for the Courtyard by Marriott Budapest City Center, joining from her role as Director of Finance at the Warsaw Marriott Hotel. She has experience gained over 10 years career with Marriott International holding various executive positions. Her previous positions included Senior Assistant Controller at the JW Marriott Bucharest Grand Hotel and at the Warsaw Marriott Hotel where she had the opportunity to lead the entire Finance Department as Director of Finance, too. She has comprehensive experience and knowledge in new business development, strategic planning as well as strong leadership. She is bringing an enviable level of quality, service and innovation for business and leisure travellers in the city. In her spare time, she loves reading, travelling, and gardening. She is a native Romanian and fluent in English.

 

Szecskay Attorneys at Law wins Competition Law Firm of the Year

Szecskay Attorneys at Law was awarded the 'Hungarian Competition Law Firm of the Year' award at the first ever Lawyer of the Year Awards to be held in Hungary. The award was founded by Wolters Kluwer in 2016. Winners were announced at the gala ceremony at the end of the year. Szecskay Attorneys at Law won Competition Law Firm of the Year, while the other applicants in this category were CHSH, CMS and Schönherr.  

Dr. András Szecskay, managing partner, and Dr. Anikó Keller, head of the Competition practice, were awarded the trophy for an innovative, tailor-made competition compliance programme that they prepared for a multinational, which proved to be a very effective tool in multiple cases that the company had involving the Hungarian Competition Authority.

Sharing or paring? - Growth of the sharing economy

The “sharing economy” companies that are emerging on the back of radical changes in consumer habits – Couchsurfing, Airbnb, Uber and their peers – have overturned entire sectors with their so-called “creative disruption” in the space of only a few years. We can safely say that they are associated with one of the most important global trends and success stories of recent years and, with all certainty, of years to come, and – although controversial – they are going to bring profound changes to our business environment. Certain sharing economy players have grown into global companies in the space of only a few years. In July 2015, according to an analysis by the Wall Street Journal, Uber’s value had topped 50 billion dollars, making it worth more than 80% of the S&P 500 companies, while Airbnb was valued at 24 billion dollars. A related study by PwC shows that while in 2013 the sharing economy companies in the five sectors where the new business model is the most prevalent earned sales revenue of 15 billion dollars, by 2025 this will have risen to 335 billion dollars, so half of the revenues in these markets will go to companies with a sharing-based model.

For the full press release, please click here.

Hungary's Most Excellent Companies Casebook Available

Organisational quality paves the way to business excellence. We all need good examples to learn from. The Hungary’s Most Excellent Companies Programme, initiated by Investors in People in partnership with the British Chamber of Commerce in Hungary, awards organisations that apply best practice in specific organisational areas and are able to shape the business culture in Hungary, in line with the strict criteria of the Investors in People Standard.

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CMS’ investigation team in Hungary boosted by the joining of a seasoned senior compliance specialist


Mária Dárdai joined CMS’ Budapest office as Head of Compliance Projects as of 3 October 2016. Prior to her new role, Dárdai used to serve as VP General Counsel, Compliance and Data Privacy Officer of UPC Hungary (Liberty Global) since 2009 following various key positions at ABB Hungary, Magyar Telekom and Nomura. Dárdai not only has vast experience in compliance investigations but she has a deep insight into the Technology, Media and Telecommunications (TMT) sector. 

For the full press release, please click here.

Squire Patton Boggs and Carroll, Burdick & McDonough to Combine

(SAN FRANCISCO – February 22, 2016)Squire Patton Boggs and California-based Carroll, Burdick & McDonough today announce that they have reached a definitive agreement to combine firms.

The combination will create the world's premier product quality, brand protection and compliance practice, joining together Squire Patton Boggs’ leading global platform of over 1,500 lawyers spanning 45 offices in 21 countries in the Americas, Asia Pacific, Europe and the Middle East, with Carroll Burdick, a complex litigation and products risk management powerhouse with over 50 lawyers on three continents.

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The CMS Guide to Greenfield investments in CEE


The CMS Guide to Greenfield investments in CEE
is an easy-to-read guide which provides essential information to any entity which is considering opening or expanding a manufacturing facility or shared services centre in Central and Eastern Europe. It includes key information on governmental incentives which are available to investors and provides guidance on how to apply for such incentives. Furthermore, the guide sets out an overview of important taxation issues as well as employment law and real estate law considerations. 

Please click on the following link to download the Guide: CMS Guide to Greenfield Investments

 

First Title scoops ‘Professional Service Provider of the Year’ award

We are delighted to announce that First Title Insurance plc, a BCCH Member, has won ‘Professional Service Provider of the Year’ at EuropaProperty’s 8th annual CEE Retail Real Estate Awards Gala, which took place at Warsaw’s InterContinental Hotel.

These high-profile awards are recognised by the retail and commercial real estate market as the benchmark for retail success in CEE and the awards recognise and reward contribution to the development of the retail commercial real estate market throughout the CEE region. The award for ‘Professional Service Provider of the Year’ was considered by an independent jury comprised of experienced real estate professionals and it found that First Title Insurance lead the way in 2015.

For the full press release, please click here.

Personal changes in the management of Danubius Hotels Group



Dr. Imre Deák, CEO of Danubius Hotels Group retires at the end of  2016 

Dr. Imre Deák has been the Chief Executive Officer at the company group since 2006. In the course of his career, he has first acted as general manager then was elected member of the management. During his assignment as CEO for a decade, the group faced several challenges and he always managed these changes confidently. Danubius Hotels Group managed to stay a strong and compatible company despite the fact that the sector was hit by several crises periods.

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Two first places for SEK Budapest International School

This May SEK Budapest Team participated in Cultural Intersek 2016 in Quito, Ecuador where the students had an opportunity to represent their country and school, meet students from different countries, and have a close encounter with the new culture.   

SEK Budapest International School is a trilingual, English, Hungarian and Spanish private school that belongs to the IES / SEK chain of international schools. It offers challenging national and international educational programs like IB Diploma Program, student exchanges under the School’s International Program, and regular study tours to USA, UK, and Spain.

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Certificate for companies with the steadiest financial standing


In the Bisnode international company rating system, the financial stability and business reliability of all enterprises are rated based on a proven system that has been designed by international experts, and whose operation is consistently measured. This is how our company, TWINS Travel Service Ltd. has been chosen second time as one of the enterprises with the steadiest financial standing. As a result, our enterprise belongs to those 9.82% of Hungarian companies that have the most solid financial foundations, i.e. are in possession of some kind of Bisnode certificate. TWINS Travel Service Ltd. was founded in 2004 and there is only one more tour operator in Hungary with this certificate. We are very proud of our 29 years experiences and business relations and excellent English and German knowledge. We give guaranty, 24 hours assistance that is very important for programming of groups, VIPs, conferences and team buildings in Hungary and abroad.

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