Irish property investor Quinlan Private announced on Thursday that it is teaming up with Hungarian real estate developer SCD Group in a EUR 450 mln development programme at Lake Balaton, Western Hungary. The investment programme will be led by SCD and QP's development arm in Central and Eastern Europe, Quinlan Private Golub.
Irish property investor Quinlan Private announced on Thursday that it is teaming up with Hungarian real estate developer SCD Group in a EUR 450 mln development programme at Lake Balaton, Western Hungary. The investment programme will be led by SCD and QP's development arm in Central and Eastern Europe, Quinlan Private Golub.
Lake Balaton is Europe's largest lake and a popular tourist destination. QPG and SCD will develop a 178-hectare landbank around the lake, comprising 21 separate development sites. The investment programme will primarily focus on developing hotels, leisure parks and other tourism-related as well as residential properties. The entire investment programme is expected to take seven years and will commence in 2008.
'We have, through Quinlan Private Golub, an unparalleled footprint in the fast growing markets of Central and Eastern Europe. We continue to enhance our presence in the region', said Quinlan Private's Peter Donnelly.
Quinlan Private Golub is active in Central and Eastern Europe where it has developed in the office, retail, mixed-use and residential sectors, including the prestigious office buildings Warsaw Financial Center, IBC I & II, and Charles Square Center, shopping centres Forum in Gliwice and Mall of Sofia. The company is currently developing, managing or leasing real estate with a total area of over 2.2 million m2.