Otthon Centrum Makes Polish Acquisition
Hungarian real estate broker Otthon Centrum on Monday said it acquired a 70% stake in Polish peer Freedom Nieruchomosci for an undisclosed consideration, according to a report by state news wire MTI.
Otthon Centrum said it used proceeds from a corporate bond issued in the framework of the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary (MNB) for the transaction.
Freedom will keep its brand and its minority stakeholders will remain in charge of the business's day-to-day operation.
Otthon Centrum considers its presence on the Polish market of strategic importance and plans to invest EUR 5 million in the country.
Freedom has about 60 offices and close to 500 consultants. It had revenue of almost HUF 500 mln and EBITDA of HUF 30 mln in 2021.
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