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SCD Group to divest Balaton property portfolio

Property developer and investment group SCD Group is selling Magyar Turisztikai Holding Zrt, the company that owns the Balaton Development Program, FlyBalaton Airport and that has an option to buy hotel chain Hunguest Hotel, state news agency MTI reported, citing a statement it received from the company.

The buyer is an unnamed Hungarian group of investors, represented by Turisztika Hungária Kft.

SCD earlier this year announced it had completed preparations for a €450 million development program in the Lake Balaton region last year, but it would wait with its launch until capital markets improved.

The program covers 23 investment projects, including lakeside apartments, campgrounds and resorts. SCD said it would focus on its Budapest projects and preparations for an IPO after the sale.

Magyar Turisztikai Holding was set up last December managing assets worth about HUF 50 billion in the tourism business.