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SCD buy property portfolio

Hungarian property development and private equity firm SCD Group acquired three high-profile Budapest properties for over HUF 5 billion, daily Napi Gazdaság reported, citing a source close to Budapest district 5 mayor Antal Rogán.

SCD Group, which has invested over €250 million developing residential, commercial and leisure properties mainly in the Balaton area, bought three historic buildings in the capital, the Hungarian Museum of Trade and Tourism, Párisi Courtyard and the southern Klotild Palace, all in district 5.

The buildings were sold in a package by the local government and the terms of the sales contract require that the buyer restore the properties to its former state. (BBJ)