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Wing acquires, renames Strabag PFS

Leading Hungarian-owned property developer Wing Zrt. has bought out the 51% stake of Elitur Invest Zrt., its partner in Strabag Property and Facility Services, thus becoming sole owner, the company disclosed on the Budapest Stock Exchange (BÉT) on Tuesday.

Wing has renamed the company, market leader on Hungaryʼs property management market, NEO Property Services.

The company, with a headcount of 700, manages some 4,000 properties with a combined area of 10 million square meters. It has annual revenue of HUF 17.8 billion.

Wing did not disclose the purchase price of the stake, but said the transaction has been cleared by the Competition Office (GVH).

Wingʼs goal is to further strengthen the leading position of NEO Property Services on the market for real estate services, according to a report by business portal portfolio.hu.

The firmʼs predecessor was founded by Wing in 1999, the report recalls, adding that it has operated in its current form since 2005.

According to the announcement, the change will not alter the firmʼs operations, with NEO Property Services continuing to provide services of a high standard to its clients, maintaining its key goal in future of preserving corporate value and building on the results attained so far.