Hungarian developer SCD Group has bought a 12.6-hectare site in Buda, the prime residential district of Budapest, for HUF 6.85 bn (EUR 25 mln). The acquisition was financed by MKB Bank, the Hungarian subsidiary of Bayerische Landesbank.
Hungarian developer SCD Group has bought a 12.6-hectare site in Buda, the prime residential district of Budapest, for HUF 6.85 bn (EUR 25 mln). The acquisition was financed by MKB Bank, the Hungarian subsidiary of Bayerische Landesbank.
SCD Group plans to build a large-scale mixed-use development on the former military school to create a new hub in the district. This will involve the investment of up to EUR 250 mln in the development of A-category offices, retail, sport and leisure facilities and an underground parking facility. SCD Group said it intends to further analyze market and financing conditions before making its decision on whether to seek a co-investor.
To date, SCD Group has developed a total of 200,000 m2 of residential, commercial and leisure properties with a total investment value in excess of EUR 250 mln.
