Indotek is transferring the management of the Gordius Private Equity Fund to fellow Hungarian investor Diófa Fund Management, which will also take over the Belgrade office portfolio held by Indotek, Portfolio.hu reports. Indotek Group said it will use the funds released by the portfolio restructuring to finance domestic and international acquisitions. The company also announced that it had acquired a significant part of the Vörösmarty shopping complex in Budapest at the end of the year.
As a result of the agreement between Indotek-Investments Fund Management Ltd. and Diófa Fund Management Ltd., Diófa will acquire five office parks owned by Gordius Private Equity Fund in the New Belgrade district of the Serbian capital, which were purchased by Indotek Group from Warsaw-based, Hungarian-owned GTC in 2021 for €267.6 million.
The agreement does not include the Polish portfolio of four office complexes, which also previously formed part of the Gordius Private Equity Fund portfolio and will remain under the management of Indotek Group. "The Group is committed to active presence and growth in the Polish market and plans to invest further to strengthen its position and further expand its Polish portfolio," said Indotek.
Portfolio.hu estimates that the transaction was well in excess of the €267.6 million value from 2021, thanks to the positive flows seen in the Belgrade real estate market and the significant restructuring. Since 2021, Indotek has done classic reorganisation work in Belgrade, transforming buildings with previously high vacancy rates into stable, cash-flow-generating offices.
Indotek Group currently has real estate investments in 12 European market. This autumn, it added a new shopping centre in Siena to its retail portfolio and is in advanced negotiations for more in Italy. In May this year, it bought shopping centres in Barcelona and Valencia, and in July it acquired its seventh Iberian hotel on the Costa Brava, with which the group now owns more than 1,500 rooms. One of Indotek Group's biggest deals this year is the acquisition of a 47% stake in the Hungarian hypermarket chain Auchan and 100% of its corrosive stores, which are expected to close in the first quarter of 2024. The acquisition of Auchan is aimed at developing the hypermarket chain into the third largest player in the market after Lidl and Spar.
The latest in a series of transactions this year, Indotek has also announced the acquisition of the retail units and the associated underground car parks of the Vörösmarty 1 condominium building, located in the centre Budapest. According to the agreement signed at the end of the year, Indotek Group will acquire 6,200 square metres of retail space, associated storage space and around 200 parking spaces. Furthermore, an investment fund managed by Diófa might acquire a 50% stake in the property. The two companies are in negotiations on the potential deal, Indotek's announcement reveals.
Diófa Fund Management Ltd.'s majority owner is Gránit Bank, belonging to István Tiborcz, the Hungarian prime minister's son-in-law. The value of assets managed by Dióga exceeds €780 million (HUF 300 billion)
