Quinlan Private, the Irish investor and private equity real estate firm, is to develop a €450 million ($663 million) development at Lake Balaton in Hungary.
The firm which was founded by former tax inspector Derek Quinlan, said it had formed a 50/50 joint venture with Hungarian real estate development company, SCD Group for the project.
Popular with tourists, Lake Balaton is located in the western half of Hungary, south-west of Budapest, and is central Europe’s largest lake.
The JV will develop a 178 hectare landbank around the lake in a scheme comprising 21 separate development sites that will house hotels, leisure parks and other tourism related and residential properties. The entire investment programme is expected to take 7 years to complete and will commence in 2008.
Thomas Dowd, partner at Quinlan Private said SCD Group had rapidly established itself as a leading real estate development firm in Hungary.
Quinlan Private manages assets of more than €11.5 billion in Ireland, the UK, Western, Central and Eastern Europe and the US. Its development joint venture Quinlan Private Golub has invested in central and eastern European projects such as the Warsaw Financial Center.
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