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Hungarys Scd Holding To Expand To Bulgaria, Romania, Croatia

Hungarian property developer SCD Holding unveiled plans to expand to Bulgaria, Romania and Croatia, Hungarian newspaper Napi Gazdasag reported on May 21, as quoted by

In Bulgaria, in particular, it would hone its attention to office and commercial property, the newspaper quoted SCD spokesperson Peter Elkan as saying. In Romania it will focus on residential property and in Croatia on tourism.

In addition, the company, which plans to list on the Budapest Stock Exchange in the third quarter of 2009, also divested Interfruct Kft Cash and Carry, a 24-unit retail chain, to financial investor Calslane Holdings. The value of the transaction was not disclosed.

The company, which rejigged its strategy last year, plans to form project companies for its projects in individual countries and raise its capitalisation to 400 million euro within the next three years.