Athens, Greece, August 3rd, 2021 – Zeritis Group announces the closing of the divestment of 100% of Budafok Recycling Zrt.
The sale comes as part of Zeritis Group’s strategy to divert its focus from controlling stakes in capital-intensive manufacturing sectors to diversified investments across disciplines and asset classes.
Simultaneously with the divestment, Zeritis Group has secured a 12-year lease agreement with Budafok Recycling at Zeritis Business Park | Szentendre. Agreed investments on the plot by Budafok Recycling reach €250k.
Budafok Recycling Zrt. is specialized in waste paper recycling and trading and has the capacity to sort and bale approximately 60,000 tons per year.
Dimitrios Zeritis, Head of Strategy at Zeritis Group, commented:
“Six months of focused work have yielded the desired result. We are confident that the new owner, having years of experience in the recycling sector, shall run and grow the business effectively. Simultaneously, we have secured a beneficial deal for Zeritis Group’s core investment in Hungary, Zeritis Business Park | Szentendre, increasing the asset’s cash flow and enhancing the value of the property. We wish best of luck to the new owner of the business and thank Budafok Recycling’s management and employees for their work, cooperation and results achieved throughout the years.”
Smart Legal Schmidt & Partners acted as the legal advisor on the transaction for Zeritis Group.