Avestus Capital Partners has ended its partnership with Hungarian developer SCD Group.
SCD Group partnered with Quinlan Private in 2007. It said a year ago that the partners were committed to carrying out €450 million of developments on Lake Balaton, but the start of the projects would depend on bank financing.
The joint venture of Avestus and SCD has sold its 23 properties on Lake Balaton, The Sunday Business Post Online said. Accounts filed in Luxembourg for the joint venture say a termination agreement has been reached between SCD and Avestus.
According to documents filed in Luxembourg at the end of December 2010, the 50% shareholding in the JV was valued at €28 million net of bank debt, the paper said.
The JV had total assets of €58 million at the end of 2009. Bank debt also stood at €58 million, The Sunday Business Post Online said.
SCD Group announced the sale of the assets on the lake to Turisztika Hungaria in July. SCD Group will concentrate on developments in Budapest and list SCD real estate investment trust (REIT) papers on the Budapest Stock exchange next year, said chairman Gellért Jászai.