Demján buyout makes Gránit Pólus wholly Hungarian
Property developer Sándor Demján has bought Canadian businessman Peter Munkʼs stake in real estate developer and manager Gránit Pólus Group, turning it into a solely Hungarian-owned company, Gránit Pólus said on Wednesday.
Sándor Demján and his direct partners become majority owners. Sándor Csányi, the food industry magnate and president-CEO of OTP Bank, is a minority owner, according to national news agency MTI. Gránit Pólus did not disclose the amount paid in the buyout.
Gránit Pólus manages more than 1 million square meters of office space in Central and Eastern Europe. Its properties have 110 million visitors annually and the companyʼs assets are worth over EUR 1 billion, MTI noted.
Gránit Pólus signed a credit agreement for EUR 335 million on Tuesday with a syndicate of Erste Group Bank AG, Erste Bank Hungary, UniCredit Bank Hungary, UniCredit SpA and K&H Bank in order to refinance existing loans and provide a capex credit line for the WestEnd City Center, a major Budapest mall.
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