Wing acquires, renames Strabag PFS

Deals

Leading Hungarian-owned property developer Wing Zrt. has bought out the 51% stake of Elitur Invest Zrt., its partner in Strabag Property and Facility Services, thus becoming sole owner, the company disclosed on the Budapest Stock Exchange (BÉT) on Tuesday.

Wing has renamed the company, market leader on Hungaryʼs property management market, NEO Property Services.

The company, with a headcount of 700, manages some 4,000 properties with a combined area of 10 million square meters. It has annual revenue of HUF 17.8 billion.

Wing did not disclose the purchase price of the stake, but said the transaction has been cleared by the Competition Office (GVH).

Wingʼs goal is to further strengthen the leading position of NEO Property Services on the market for real estate services, according to a report by business portal portfolio.hu.

The firmʼs predecessor was founded by Wing in 1999, the report recalls, adding that it has operated in its current form since 2005.

According to the announcement, the change will not alter the firmʼs operations, with NEO Property Services continuing to provide services of a high standard to its clients, maintaining its key goal in future of preserving corporate value and building on the results attained so far.

ADVERTISEMENT

Business confidence improves as consumer sentiment worsens Analysis

Business confidence improves as consumer sentiment worsens

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.