Project history

ÁPV Rt. (Hungarian Privatisation and State Holding Company) called for tenders in autumn 1996 for the utilisation of the four-hectare territory of the former Hungarian Optical Works (MOM). The winning tender was that of the consortium composed of the Munich-seated Schörghuber Group, and the German Bayerische Landesbank Europa-Immobilien-Beteiligungs GmbH and Bayerische Hausbau International GmbH.

The industrial buildings of MOM were pulled down at the beginning of 1998, and the construction work commenced in the following year.

The large-scale development, until then unparalleled in Hungary, finished in 2001.

The three office towers with a total area of 13 5000 m2 (Gellért, Gesztenyés, Sas) were bought from the developing consortium by Deutsche Bank in 2003.

The 30 000 sq m shopping centre and the approximately 17 250 sq m office building complex was bought by PBW Real Estate Fund NV in May 2005. PBW Real Estate Fund NV is a closed real estate fund, specialised in Central European real estates. The real estate fund is a joint subsidiary of IXIS AEW Europe and ERGO Trust GmbH, and is managed by PBW Real Estate Asset Management (PBW REAM). The property is operated by PBW Hungary Rt. of Budapest, a subsidiary 100% owned by PBW REAM.