News
Working with Tárnok municipality
2010.07.06.
One of the priority development projects of CBS Property is located in Tárnok. Working with the Municipality our firm has provided a truck with a driver to assist the community environmental day on 24th April, 2010 .
Land owner realigned to become a property developer
2010.07.01.
CBS Property Zrt, the majority owner of which are US and UK based private equity firms, is a unique player in the Hungarian real estate market with nearly 10,000,000 m2 of property that was restructured last year.
The company was restructured to become a major property developer mainly in Budapest and its outskirts besides being identified as a leading land owner. The company has commenced the preparation of developments at three major locations, the total development value of which exceed 500 million euros. The first project is planned in Tárnok, easily accessible from M7 motorway, where a villa park with detached and semi-detached houses would be built in a picturesque setting supplemented with some commercial units and educational institutions establishing a new quarter of the town. According to plans a mixed-use office and commercial centre will be developed on the 35-hectar site at the junction of M0 and Route 6; and the 70-hectar site at the border of Budapest and Érd at the junction of M6 and Route 6 will host a logistics centre.
The completion of the development projects are anticipated in the period from 2011 to 2017.
CBS Property appoints new CEO
2010.01.18.
Budapest, January 18, 2010 – The board of directors of CBS Property appointed Lorant Varga as the new CEO of the company. Mr. Varga is replacing John Verpeleti who is stepping down after completing the re-structuring, re-branding and creation of the fundamentals of the company, during the last year. The new CEO has the remit from the shareholders to build on this foundation and change the company from a land owner to a long term successful developer.
Mr. Varga has worked over a decade for ABN AMRO bank in Brazil, The Netherlands, Belgium and Hungary. In 2003 he joined CBRE where he was Managing Director. Lorant Varga then joined Trigranit Development Corporation where he was CEO for almost 3 years.
Vladimir Dlouhy (Chairman of Chayton Capital’s Advisory Board) commented: We are delighted that Mr. Varga has joined the company bringing great management and development skills to CBS Property. We are confident that Mr. Varga will strenghten the company and will build a strong platform for future property developments.
CBS Property is a major landowner in Hungary with nearly 10,000,000 m2 of property in strategic locations, mostly in and around the capital city of Budapest. In November 2008, the Chayton Sava Property Fund, part of Chayton Capital, acquired a 74% stake in the Hungarian company Skoglund Holding Zrt in partnership with a subsidiary of Starr International Company Inc. Skoglund was previously owned entirely by investment firm Bankár. In September 2009, the company rebranded to CBS Property.
Chayton Capital aims to provide superior returns to investors through opportunistic real estate investments. The firm’s products are created for sophisticated institutional and high net worth investors. The firm’s management team brings substantial real estate, finance and capital markets experience to the investment process. Additionally, active advisory boards and network of local partners extend the group’s regional knowledge and provide critical access to attractive transactions.
Chayton Sava Property Fund is the company’s second major investment fund. The largest markets for the fund include Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Serbia and Slovenia.
Starr International Company, Inc.: Starr International serves as a private financial services holding company that makes investments through direct investments, publicly traded securities and private equity funds with a focus on financial services, real estate, consumer products and services, retail and energy businesses. Starr International has also been approved by Lloyd’s as the owner of Lloyd’s Syndicate in 1919.
Skoglund Holding relaunches as CBS Property
2009.09.17.
Following its recent acquisition, Skoglund Holding Zrt. has renamed and rebranded as CBS Property Zrt. This change is in conjunction with a change of office address as CBS Property moves to H-1133 Budapest, Váci út 76 from 18 September.
Skoglund Holding was acquired by UK investment firm Chayton Sava and US investment firm C V Starr in 2008 from Bankár who retains a minority shareholding. Since the acquisition, John Verpeleti, former regional investment head for AXA REIM and former head of DTZ for Central and Eastern Europe has taken over as CEO.
The change of name also heralds a change in the activity of the company and sees it transform from a static owner of land in to a dynamic development company. Owning some 10,000,000 sq m of land in strategic locations in and around Budapest CBS Property has identified sites that are ideally suited for a combination of residential, logistics and mixed use developments.
John Verpeleti, CEO, comments ‘This is an exciting time us as we seek to actively develop these sites and maximise their potential value. Our goal now is to develop our sites either ourselves or in joint venture arrangements with local and international partners.’
CBS Property is currently working on a new website which will give a full overview of all of their sites available and the associated development opportunities.
For further information, please contact:
John Verpeleti
CEO, CBS Property Zrt
Tel: +36 (1) 8027 300
john.verpeleti@cbsproperty.hu
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