On December 8th, 2017, Zeritis Group signed the divestiture of its 3,440 m2 Guest House in Labatlan, Hungary to Árkádok LLC. The transaction, which will be completed on March 31st 2018, has been executed to rationalize the Group’s real estate portfolio and focus on strategic locations with upside potential.
Konstantinos Karagiannis, Chief Financial Officer at Zeritis Group commented: “With the funds sourced from the divestment, Zeritis Group is planning to invest in stable yield properties that offer income security and capital appreciation potential. Budapest, as a real estate investment market, offers substantial returns and Zeritis Group is set to capitalize on the opportunity offered.”
Florian Veress, Property Manager Hungary at Zeritis Group commented: “In Árkádok LLC we have found a trusted local entrepreneur with a long-term view towards the asset. This transaction will allow us to focus our efforts on maximizing the occupancy rates of our property in Szentendre and on realizing new investments throughout Budapest.”
Smart Legal Schmidt & Partners acted as the legal advisor on the deal for Zeritis Group.