Cordia raises investment in ARGO
Following the acquisition of Polnord in Poland and Blackswan in the U.K., Hungary-based residential developer Cordia International is continuing its international expansion by increasing its investment in ARGO Properties N.V., which is active in the German rental market, according to a press release sent to the Budapest Business Journal.
ARGO Properties N.V. completed an initial public offering (IPO) on 11 May 2021 raising EUR 54 million from investors. Cordia purchased 167,500 additional shares in ARGO during the IPO and now holds a 15.9% stake in the company. ARGO’s shares were listed on the Tel Aviv Stock Exchange (TASE) on May 18, 2021.
"Increasing our investment in ARGO is the latest milestone of our international expansion strategy, which includes entering not only new countries but also new markets. This means that, in addition to residential developments and urban regeneration projects, we are increasingly focusing on rental housing," said Gábor Futó, founder and majority owner of Cordia.
"Cordia is constantly looking for investment opportunities with a similar profile to ARGO," he added.
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