Property developer SCD Holding sold its Interfruct Kft Cash and Carry chain to financial investor Calslane Holdings Ltd for an undisclosed price in preparation for an IPO.
The bourse debut is planned for Q3 of 2009, SCD spokesman Peter Elkan said yesterday. Market researcher ACNielsen said Interfruct had revenues of Ft 46.3 billion in 2007. According to Elkan, SCD sold Cash and Carry in order to clear its portfolio. Having acquired 3 years ago from Tengelmann group, SCD had long term plans with the 24 retail units of Interfruct, but the strategy was revised last year due to the economic environment, said Gellért Jászai, co-owner and president. SCD’s Hungarian owners will buy out the 19% stake owned by SCD UK and will list the company at the stock exchange afterwards. SCD Holding is to set up project companies to complete separate projects, and projects to raise capitalization to EUR 400 million in 2-3 years. SCD has just completed construction of a Ft 4 billion residential complex near Lake Balaton, while its EUR 450 million development around Lake Balaton with Ireland’s Quinlan Private will start in autumn. The company is also planning investments in Bulgaria (offices and commerce), Romania (600 apartments) and Croatia (tourism). (Napi Gazdaság)