György Wáberer turns from road haulage to property

Deals

Businessman György Wáberer is plowing the proceeds from the sale of his stake in the road haulage company that bears his name into real estate, according to a summary by state news service MTI of an interview Wáberer gave to business daily Világgazdaság.

In the interview with Világgazdaság, Wáberer said the HUF 20 billion conversion of a hotel in the Buda hills into luxury homes would start within days. The first flats in the building, which has stood empty for years, will be inaugurated in June 2019, he added. Another project he mentioned was the 22,000 square-meter Hillside Offices, going up near the MOM Park shopping mall.

"We think we can pour the money [from the sale of the Wabererʼs stake] into real estate projects without restriction. We also think it possible that, with time, we could list all of our successful real estate projects on the stock exchange and put the proceeds back into new property investments," Wáberer told the paper.

Wáberer sold his stake in road haulage and logistics firm Wabererʼs International to private equity fund Mid Europa Partners a year ago. The haulage company is in the midst of an IPO, which it wants to use to raise capital to buy Polish peer Link.

Wáberer declined to comment on the companyʼs plan to acquire Link, but did offer a caveat, according to the interview.

"One notices that the key countries on Europeʼs road haulage market are hampering the operation of haulage businesses in Eastern Europe, among them ones in Hungary and Poland, with ever broader discriminatory measures, restricting their ability to generate profits. Under these circumstances, I wouldnʼt buy such a company," he told Világgazdaság.

Wáberer said he would continue to combat protectionist measures as the prime ministerʼs commissioner for the road haulage sector, a position to which he was appointed two years ago.

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