Demján buyout makes Gránit Pólus wholly Hungarian

MNB

Property developer Sándor Demján has bought Canadian businessman Peter Munkʼs stake in real estate developer and manager Gránit Pólus Group, turning it into a solely Hungarian-owned company, Gránit Pólus said on Wednesday.

Sándor Demján

Sándor Demján and his direct partners become majority owners. Sándor Csányi, the food industry magnate and president-CEO of OTP Bank, is a minority owner, according to national news agency MTI. Gránit Pólus did not disclose the amount paid in the buyout.

Gránit Pólus manages more than 1 million square meters of office space in Central and Eastern Europe. Its properties have 110 million visitors annually and the companyʼs assets are worth over EUR 1 billion, MTI noted.

Gránit Pólus signed a credit agreement for EUR 335 million on Tuesday with a syndicate of Erste Group Bank AG, Erste Bank Hungary, UniCredit Bank Hungary, UniCredit SpA and K&H Bank in order to refinance existing loans and provide a capex credit line for the WestEnd City Center, a major Budapest mall.

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