Real Estate Company Owned By PM Orbán's Son-In-Law Bought 13 Luxury Apartments

  • 29 Nov 2018 9:58 AM
  • Átlátszó
Real Estate Company Owned By PM Orbán's Son-In-Law Bought 13 Luxury Apartments
Bellavista Apartments Ltd. has already been reported as one of the companies that belong to István Tiborcz’s real estate business.

It was unclear until now what Bellavista Apartments was actually doing. Atlatszo recently learned that the company bought 13 apartments this spring: 11 in Dorottya street and one in Hajós street. All are in an elegant part of Budapest and altogether they constitute 1118 square meters of real estate.

Atlatszo has just recently reported that two banks that are merging at the moment, Gránit and Takarékbank gave a 10 billion HUF loan to Tiborcz’s real estate empire.

But that number is already higher: Takarékbank has just provided another 1.2 billion to the Tiborcz empire. The most recent loan was given to help the project that will turn the so-called Mahart-Dorottya block in South Pest into a luxury hotel. This latter project has already been given 7 billion in loans.

This means that out of the 11 billion HUF there is 4 billion left for Tiborcz’s other projects. This money was used for other Tiborcz real estate projects: renovation of the Tura castle, land acquisitions, renovations in the apartments that Tiborcz bought in Andrássy Avenue.

There was a 670 million HUF loan whose aim is unclear; all we know is that is was given to Bellavista Apartments. Bellavista is owned by Tiborcz’s BDPST Group.

Atlatszo recently learned what Bellavista is doing. According to the official real estate registry, the company became the owner of 13 apartments in downtown Budapest on April 27, 2018.

Twelve of the apartments are in Dorottya street 9 in an apartment block. There is one more in Hajós street, near the Opera. The apartments were bought by Tiborcz’s company as a batch. The previous owner is a business group owned by Hungarian, Italian and Luxemburg interests.

The latter group reported apartments worth 950 million HUF in their previous business filings. We will have to see their 2018 filings to check whether they sold all their apartments to Bellavista Apartments.

Real estate experts told Atlatszo that the 13 apartments bought by Tiborcz are worth a price somewhere between the 670 million provided to Bellavista Apartments as a loan and the 950 million reported by the previous owner.

Tiborcz is the Hungarian prime minister’s son-in-law who reaped profits of EU-funded street light installation projects for years.

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Átlátszó is a ‘Watchdog NGO’ and online source for investigative journalism promoting transparency, accountability, and freedom of information in Hungary. The site is bilingual, with more reports in Hungarian than in English, all of which are more critical of the government than the opposition parties.

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