Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Hungarian Real-Estate Investor Futo Eyes U.S. Residential Market

June 20 (Bloomberg) -- Gabor Futo, co-founder of the Budapest-based central European property group Futureal, plans to establish a U.S. company with initial funding of $15 million to build a residential-property portfolio of 500 homes.

The U.S.-based company, Cordia USA, will make its first acquisitions in the states of Georgia and Michigan with plans to renovate and rent the homes before selling them within five years, Futureal said in an e-mailed statement today.

“Houses are foreclosed on, U.S. residential-property prices are falling, which we see as a very attractive investment opportunity,” Futo said in the statement. “The company believes that a new asset class is emerging in the U.S., allowing for the financing and selling of its single family homes as income producing portfolios.”

To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.