Otthon Centrum to acquire majority stake in Open House

Deals

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Real estate broker Otthon Centrum has agreed to acquire a majority stake in a holding company established by peer Open House, according to a report by state news wire MTI.

Open House's owners will hold a minority stake in the holding company set up for its franchise and loan brokerage activities, Otthon Centrum said in an announcement posted on the website of the Budapest Stock Exchange.

Open House will remain under the management of its minority owners and continue to operate with its own brand.

Otthon Centrum said the goal of the transaction is to create "higher quality, more efficient customer service through synergies and the use of a bigger real estate portfolio".

Open House has 30 offices, its website shows.

Otthon Centrum's corporate bonds are traded on the bourse.

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