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Graphisoft Park shares to float in August

Shares of Graphisoft Park Rt, the spun-off property unit of software maker Graphisoft, are to be floated on the Budapest Stock Exchange (BÉT) in August, Privy Council Communications, which is handling communications for the IPO, said on Monday.

Graphisoft shareholders decided at an extraordinary meeting in June to spin off the unit and list its shares on the bourse. Graphisoft Park has net assets of Ft 4.346 billion, about 20% of Graphisoft's net assets. It owns the 7.2-hectare Graphisoft Park business and research park in the north of Budapest.
The company expects rent at the park to generate revenue of €3.2 million in 2006, €4.8 million in 2007, €6.3 million in 2008 and €6.8 million in 2009. By 2008, Graphisoft Park aims to own 40,000 square meters of rentable property. Current tenants of Graphisoft Park include the Hungarian units of Japan's Canon, Germany's SAP and the US's AMRI and Microsoft.