On 21 August 2008 CIL Buda Square Ingatlanhasznosító Kft. (“CIL”), a Hungarian property management company owned by CIB Bank Zrt. (“CIB Bank”) acquired from IMMOCAMP S.A. and Jason Invest and Trade LLC 100 per cent of the business quotas in Óbudai Dunapart Irodaház Központ Kft. (“Dunapart”). According to CIL, the temporary acquisition and the anticipated resale was for an investment purpose, which qualifies as an exemption under the Hungarian Competition Act from the obligation to obtain the approval of the transaction by the Hungarian Competition Office (the “HCO”). Consequently, CIL did not submit an application for clearance at the time of the
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The Hungarian Competition Authority clears the acquisition of a real estate management company by a holding company of a bank (CIL Buda Square Ingatlanhasznosító / Óbudai Dunapart Irodaház Központ / CIB Bank)
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