Running in the family

Real estate company owned by István Tiborcz bought 13 luxury apartments after the elections

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.

We needed to re-adjust a recent article as well. 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.

The story of how Orban’s son-in-law became rich, told by seven major Atlatszo investigations

The so-called Elios scandal has put István Tiborcz, the Hungarian prime minister’s son-in-law in the centre of public attention in the past few weeks. The controversies and corruption accusations connected to the street light modernisation programs put Tiborcz into the limelight, but independent media has been covering this story for years.

Written by Ince Békeházy

English version by Anita Kőműves. You can read the original, Hungarian-language story here.

Cover photo: the Dorottya street house; photo by Ince Békeházy