Graphisoft Park spinning off several activities

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Graphisoft Park, a listed company that owns and operates a business park in the north of Budapest, on Monday said it is outsourcing "certain real estate development, facilities management, engineering, administrative activities and accounting" to a newly created unit from the start of next year.

The new unit, named Graphisoft Park Engineering & Management, is wholly owned by Graphisoft Park.

Graphisoft Park is in the process of becoming a "regulated property investment company," which is the local form of a real estate investment trust (REIT). Graphisoft Park said earlier that it would submit its application for the transformation after fulfilling all legal requirements, "no later than the end of 2018."

In its guidance for 2017 published in August, Graphisoft Park upped its estimates for full-year revenue and full-year net profit compared to the respective estimates in its Q1 report. Based on its Q2 figures, the company put 2017 revenue at EUR 10.5 million, up EUR 1 mln from 2016, and net profit at EUR 3.7 mln, EUR 500,000 higher than last year.   

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