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CMS Budapest appoints József Várady as new real estate partner

CMS Budapest promoted its senior counsel József Várady to a partner of its real estate group. 

József has been working at CMS Budapest for over 14 years, where he has been involved in several real estate transactions and advised major Hungarian and international clients on real estate projects and litigation matters related to the sector. He also has significant experience in corporate and financing transactions and tax matters. 

„I am delighted to take a partner role within CMS. It is exciting times now in the real estate sector in Hungary and across the region and my priority as the new partner is to help further develop our No.1 real estate practice and keep servicing our clients to the highest standards” – said József Várady.

The appointment is part of the joint partner promotions of CMS, Nabarro and Olswang, involving 48 partners in 26 offices. The three firm have completed their merger on 1st of May, creating the world’s sixth largest law firm by lawyer headcount. CMS Cameron McKenna Nabarro Olswang is now present in 39 countries with 70 offices.

Gábor Czike, Head of Real Estate at CMS Budapest’s commented: “As our firm grows bigger and bigger, we also have to ensure the continuous growth of leadership and over the past years József has proven himself many times as an exceptional lawyer and a leader. His promotion not only reflects the invaluable contribution he has made to the firm but also our commitment to further invest into the real estate practice.”

József commenced his new role on 1st of May 2017.


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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Kinevezték a Budapest Bank új vezérigazgatóját

Budapest, 2017. árpilis 4. – Tóth Viktort, a Budapest Bank eddigi vállalati üzletágvezetőjét bízta meg a vezérigazgatói feladatokkal április 1-től a bank tulajdonosa, miután a korábbi vezérigazgató, Zolnai György március 31-én távozott a pénzintézet éléről. A korábbi vezérigazgatói és elnöki hatáskörök megtartása mellett a tulajdonos április 1-től Dr. Lélfai Koppányt, az MFB vezérigazgató-helyettesét nevezi ki a Budapest Bank igazgatótanácsának elnökévé, aki jelenlegi pozíciója mellett látja majd el az elnöki feladatokat. A tulajdonos a Budapest Bank felügyelőbizottságának elnökévé Bernáth Tamást, a Magyar Fejlesztési Bank elnök-vezérigazgatóját nevezte ki.

Tóth Viktor, a bank eddigi vállalati üzletágvezetője és vezérigazgató-helyettese kapta meg a tulajdonos bizalmát, és megbízott vezérigazgatóként április 1-től irányítja a bankcsoportot. A vezető több mint 25 éves tapasztalattal rendelkezik a bankszektorban, 1998 óta dolgozik a Budapest Bankban, ahol karrierje során mind a vállalati, mind a lakossági üzletágban számos vezetői pozícióban tevékenykedett sikeresen. 2008-tól 2010-ig a bank vállalati üzletágának értékesítési vezetőjeként Tóth Viktornak jelentős szerepe volt a gazdasági kihívásokhoz való sikeres alkalmazkodásban, a vállalati ügyfelek elégedettségének megőrzésében. 2010. május 17-től a Budapest Bank vállalati üzletága, a Budapest Bank Business vezetője volt, vezetése alatt a bank kkv hitelkihelyezése – a csökkenő piaci trendek ellenére – folyamatosan növekedett

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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.

Budapest Airport invites retailers to submit EOI in further elevation of retail proposition

Budapest Airport is calling for ‘expressions of interest’ from retail providers to enter its upcoming tender process for outlets in the heart of the shopping environment in the SkyCourt and Terminal 2A. Spanning some 550m², several new five-year contracts are available in Hungarian souvenirs and fine food, fashion and accessories as well as watches and jewellery in a move to elevate Budapest’s current retail proposition.

Retailers should present EOIs to by indicating the tender number the retailer is interested in. Retailers can bid for one, all or a combination of the offered shops.

Submission deadline as 3 April 2017 COB.

RFP containing all relevant information for preparing the bids will be issued after review of all received EOIs.

“In the last two years, we have seen passenger numbers increase by around 23% and with growth forecasts continuing to project best in class levels, now is an ideal time for any potential new retailers to join Budapest Airport in what we believe are extremely high-yielding segments of SkyCourt and Terminal 2A,” commented Kam Jandu, Chief Commercial Officer, Budapest Airport. “Our fantastic year to date 2017 traffic results will play an important role in attracting the dynamic and relevant players we wish to see at Budapest Airport,” Jandu added.


For the full press release and further details, please click here.

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


CMS strengthens its German capability in Central and Eastern Europe with key hires


Date: 16 March 2017

CMS is pleased to announce the appointment of Andreas Köhler who joins CMS’ CEE Practice as Partner and Head of CEE German Projects. Andreas will commence his role on 16 March 2017. He brings over 15 years of experience working on region-wide transactions, dispute resolution, commercial and employment matters on behalf of international, in particular, German, Austrian and Swiss clients. Andreas is based in Budapest and will work closely with regional practice and sector heads in the CEE & DACH regions and beyond. 

Andreas joins CMS from Dentons in Budapest where he was head of the Hungarian Corporate and Commercial practice and co-head of the firm’s global German practice.

He is joined by a senior associate and native German and Hungarian speaker, Gabor M. Toth, who will work with the Commercial and German Desk groups at CMS in Budapest. 

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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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Hungary's Most Excellent Companies - 2017

NOT YET accredited with Investors in People but proud of your organisational practices?

ALREADY accredited with Investors in People and would like to strengthen your company's employer brand?


Be a role model! Join the Hungary's Most Excellent Companies Programme!

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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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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 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.

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