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SCD sells Interfruct stores to raise cash

Hungarian property developer SCD Group has sold 22 cash-and-carry stores operated by its holding Interfruct Kft to Dawnay Day Carpathian Plc for €82.5 million in order to raise cash, SCD announced on Thursday.

SCD will continue to operate the stores, leasing them from the buyer for the next 15 years. SCD invited a closed tender to sell the properties, which it purchased from Germany's Tengelmann in December 2005.
Interfruct had gross sales of Ft 56.6 billion in 2005.

SCD, established six years ago, had made investments worth Ft 35 billion by the end of 2005. In 2004 and 2005, the company went on a buying spree around the Balaton, purchasing three big tourism companies up for privatization for a combined Ft 8.4 billion. At the time, the company said it planned to invest Ft 100 billion at the properties over a fifteen-year period.