Quinlan Private has formed a joint venture with a Hungarian property company to develop a €450m (£321m) scheme at Lake Balaton in southwest Hungary.
Hotels, leisure parks and residential schemes
The Irish private equity company, in a 50:50 partnership with SCD Group, plans to develop hotels, leisure parks, and residential schemes at the 440 acre landbank that comprises 21 separate development sites. The entire development will be phased over seven years and will start next year.
Europe’s largest lake
Lake Balaton is located in the western half of Hungary, south-west of Budapest, and is Europe’s largest lake and a popular tourist destination. The development will be led by SCD and Quinlan Private’s development arm in Central and Eastern Europe – Quinlan Private Golub.
Gellért Jászai, SCD chairman, said: ‘In January 2007, we identified the need to bring on board a significant joint-venture partner to lead the Lake Balaton project with SCD.’
Quinlan Private has invested in Hungary before and owns the Gresham Palace in Budapest.