Industry news
An important step towards the renovation of an iconic building in Budapest's city centre
The Tőzsdepalota Palace in the centre of Budapest has changed hands, according to a statement sent to this newspaper. A successful transaction between Liberty Alpha Kft., part of the Diorit private equity fund managed by Gránit Fund Management, and the former joint owners of the building was closed on 12 December.
The sale marks the beginning of a new chapter for the landmark building on Szabadság Square, they said, adding that the fund manager's goal with the transaction is to give the Tőzsdepalota a new function that will restore the building's iconic position in the Budapest real estate market and preserve its historic features.
They've been watching the Tőzsdepalota for some time
"We have been looking at the Tőzsdepalota for some time now, both because we see huge business potential in breathing new life into the historic building and because we see it as our mission to contribute to its revitalisation. I am glad that this moment has come and that we have managed to conclude a beneficial deal for all parties involved" - said Almos Mikesy, CEO of Granite Fund Management, representing the buyer, and added:
"The real journey, however, is only just beginning, with the identification and design of a new function for the Tőzsdepalota and the implementation of the renovation. It is hoped that soon one of Budapest's architectural jewels will shine in its former glory."
He added that the revival of the building, which has been vacant for years, and its commercially sustainable function will have a positive impact on the entire city centre, not only from an architectural point of view, but also from an economic and tourist point of view.
The building of about 50 thousand square metres represents a significant cultural and historical heritage
The Tőzsdepalota is a monumental historicist building designed by the renowned architect Ignác Alpár, completed in 1905, with a total floor area of around 50 000 square metres. The building is located on the west side of Szabadság Square in the historic centre of Budapest's 5th district, just two blocks from the Hungarian Parliament and on the opposite side of the square from the US Embassy. Since its completion, until World War II, it housed the Budapest Stock Exchange. After the war, it became the headquarters of the Hungarian State Television until 2009. Since 2006, the Tőzsdepalota has been under the protection of the Cultural Heritage Protection Office.
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