Prime ministerʼs son-in-law expands business rapidly

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Listed property holding company Appeninn announced on Thursday that Konzum Private Equity Fund has sold all its shares in Appeninn to BDPST Ingatlanforgalmazó és Beruházó. Owners of both Appeninn and BDPST have close ties to Prime Minister Viktor Orbán.

István Tiborcz (left), pictured with Prime Minister Viktor Orbán

According to the announcement, cited by national news agency MTI, Konzum PE has sold BDPST a total of 9,755,567 Appeninn shares. The ownership share of Konzum PE in Appeninn will thus drop from 20.59% to 0%. The value of the transaction has not been disclosed.

In a joint press statement, Appeninn and Konzum said that in the future Konzum Group and BDPST Group will be cooperating in property investment, development and management. Appeninn Holding will be run by Konzum Group, which holds a 33.2% stake, while BDPST will nominate two new members to the board of directors of Appeninn.

István Tiborcz, the owner of BDPST, said the company is aiming to become the leader in the property development and management market, and the current deal has provided a good opportunity to diversify its operations.

Tiborcz is the son-in-law of Prime Minister Viktor Orbán, while Appeninn is controlled by the investor Lőrinc Mészáros, a close ally of Orbán and until this year the mayor of the premierʼs home village of Felcsút, in Fejér County west of the capital. Mészáros and his wife are also the sole investors of Konzum PE. Appeninn outlined in June ambitious growth plans for the next four years.

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