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REM Group Acts as Adviser on Korean Cultural Center

Deals

The REM Group has acted as property advisor, project manager and now as property manager for the Korean Cultural Center located in District II of Budapest, close to the Margit híd.

The building of more than 5,000 sqm was extensively refurbished to house the Korean Cultural Center as part of a relocation. The KCC is a South Korean organization that promotes the culture of the country around the globe, with the new center is seen as a flagship project in CEE. The Budapest center is the largest in Europe and the second largest in the world, after Tokyo.

REM Group acted on behalf of the KCC to conduct an extensive property search which resulted in the acquisition of the building from the Central European University in 2017.

REM subsequently acted to procure the necessary permits and project managed the refurbishment of the entire building. The end result sees the transformation of what was an office building into a high-profile event and exhibition center.

Special Requirements

“Our client had very special requirements and we had to operate under a very tight timeline, drawing on all of 25 years of experience gained from operating in the Hungarian real estate market to complete the project on time and within budget,” commented József Takács, of REM Property Services.

“We believe that REM Group had not only served as the best project manager, but also worked with us as a trustworthy partner from the very beginning of this challenging task. There had been a lot of unexpected obstacles during the whole process,” said Dangkweon Lee, director of the KCC.

REM Group has been operating as a property services company in Budapest since 1994. The company has developed approximately 235,000 sqm of commercial and residential properties in Hungary in 25 projects valued at EUR 325 million and acts on behalf of third-party investors and property related clients. The current company structure is the result of a management buy-out from the Raiffeisen Banking Group.

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