SCD Group to divest Balaton property portfolio
Property developer and investment group SCD Group is selling Magyar Turisztikai Holding Zrt, the company that owns the Balaton Development Program, FlyBalaton Airport and that has an option to buy hotel chain Hunguest Hotel, state news agency MTI reported, citing a statement it received from the company.
The buyer is an unnamed Hungarian group of investors, represented by Turisztika Hungária Kft.
SCD earlier this year announced it had completed preparations for a €450 million development program in the Lake Balaton region last year, but it would wait with its launch until capital markets improved.
The program covers 23 investment projects, including lakeside apartments, campgrounds and resorts. SCD said it would focus on its Budapest projects and preparations for an IPO after the sale.
Magyar Turisztikai Holding was set up last December managing assets worth about HUF 50 billion in the tourism business.
ADVERTISEMENT
Number of Road Accidents Involving Injury Edges Higher in Q3
Gov't Keeps Rate on General-purpose Student Loans at 7.99%
Hungarian Companies Participate in EU Cloud Computing Projec...
Budapest Police Seize Nearly 155 kg of Cocaine in Drug Bust
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
