Major renovation underway for Budapest’s historic Exchange Palace on Szabadság Square

Gránit Asset Management successfully closed the acquisition of the historical Exchange Palace (Tőzsdepalota in Hungarian) building in the heart of Budapest, Hungary, from private investors, for an undisclosed sum, in an asset deal. With this new venture, the long-vacant building can undergo a transformation and once again become a shining example of Budapest’s architectural heritage.

History of Exchange Palace

Exchange Palace is a monumental Beaux Arts building, completed in 1905, designed by the renowned architect Ignác Alpár, with ca. 50,000sqm total floor area. The building is located on the west side of Freedom Square (Szabadság tér in Hungarian) in the historical centre of District V in Budapest, only two blocks from the Hungarian Parliament, and just the opposite side of the square to the US Embassy. Since its completion it served as home to the Budapest Stock and Commodities Exchange, until World War II. Following the war, it became the headquarters of the Hungarian State Television until 2009. Exchange Palace is a listed historical monument under the protection of the National Heritage Authority.

New chapter for the landmark building

A private equity fund, managed by Gránit Asset Management, and the company owning the Exchange Palace building, represented by Andrea Suriano, senior manager of Futura Investment Management and Futura Funds SICAV- Kappa Fund and Canadian investor Michael D. Tippin, Founder of Tippin Corporation, successfully closed the transaction on December 12.  The sale marks the beginning of a new chapter for the landmark building situated in the heart of Budapest, Hungary, on the famous Liberty Square. Gránit intends to redevelop Exchange Palace for a function and purpose which highlights its iconic architectural status, while preserving its historic characteristics.

“The successful sale of Exchange Palace marks an exciting milestone for all parties involved in the process. 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 Gránit 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” mentioned Alberto Matta and Andrea Suriano representatives of Cougar Real Estate SA, the majority shareholder of the Exchange Palace.