The Hungarian property developer is working up plans for a €2bn flotation in London or Vienna.

The move, announced yesterday, coincided with a €400m (£269m) investment in TriGranit by Immoeast, the Austrian-listed property investor which is a leading property investor in central and eastern Europe. The Immoeast investment values TriGranit at €1.6bn (£1.08bn).

TriGranit said the investment would enable it to accelerate the rollout of its E5bn (£3.36bn) development program in Hungary, Poland, Slovakia, Romania, Serbia, Croatia, Slovenia, Montenegro, the Czech Republic, Bulgaria, Russia and Ukraine.

TriGranit was founded in 1996 by Hungarian entrepreneur Sandor Demjan, who retains a controlling stake in the company following Immoeast's investment.

Other shareholders include Peter Munk, founder and chairman of Barrick Gold Corp and chairman of US REIT Trizec Properties, Atticus Capital co-chairman Nathaniel Rothschild and Sandor Csanyi, chief executive and chairman of central and eastern European bank OTP.

Nathaniel Rothschild is TriGranit's chairman and Todd Cowan is the chief executive.

Although property company flotations have stalled in Europe since May after markets turned volatile, investment bankers believe a few, selective ones will still go ahead later this year.

Crownstone European Properties, Cordea Savills German Property Fund, French residential property firm Dolmea , German property group Vivacon, FF&P Russia Real Estate Development all pulled their flotations.

But two in the pipeline that have a greater chance of going ahead are ProLogis’ European property arm and Fortress Investment’s German residential company Gagfah-Nileg-Woba.