Hungarian property developer SCD is selling its 50% stake in the Lake Balaton development portfolio to a consortium of investors represented by the newly-created Turisztika Hungária vehicle. Financial details were not disclosed.

The disposal involves the Balaton development programme and the FlyBalaton Airport as well as an option on the Hunguest hotel chain, spokesman Ivan Varkonyi told PropertyEU.

The transaction reflects SCD's decision to focus on its Budapest projects while preparing for an Initial Public Offering later this year, the company said.

The Balaton leisure development project was a 50/50 joint venture between SCD and Avestus Real Estate, formerly known as Quinlan Private. Avestus is retaining its 50% stake.

The project involves an investment of EUR 450 mln in new hotels, leisure parks and other tourism-related attractions to reposition the lake as an attractive tourism destination in Central Europe. The area covers 170 hectares and over nine kilometres of private beach.

SCD said earlier this year it had completed preparations for the development project but would postpone the start of construction due to the challenging situation in the capital markets.