Cordia International Zrt., as a latest milestone of its international expansion strategy has acquired UK developer Blackswan. Cordia financed the transaction by using funds collected from the bond issuance under National Bank of Hungary’s Bond Funding for Growth Scheme. The acquisition allows Blackswan to deliver a GBP 550 million project pipeline across the West Midlands.
Cordia International Zrt. has acquired the Birmingham-based PRS- (Private Rental Sector) specialist developer Blackswan Property. Cordia is the residential development platform of Futureal Group, one of the leading real estate development and investment groups in Central and Eastern Europe with more than 500 real estate professionals and 650,000 sqm of properties under construction across 32 ongoing projects. The company’s latest acquisition marks its first investment in the UK market.
The UK company will continue to operate under the Cordia Blackswan brand and be led by the current management team. Blackswan will also be growing the team with a recruitment drive in the next few months to support the scale of their existing planned projects.
The Blackswan transaction as well as the acquisition of 93% of Warsaw listed Polish residential developer Polnord S.A and a 20% stake in Argo Properties NV, a Dutch company active in the residential rental and large-scale urban renewal business in Germany was partly financed by using the funds collected from the bond issuance within the Bond Funding for Growth Scheme of National Bank of Hungary’s. The latest acquisitions increased Cordia’s development land bank to over 14,000 apartments. Cordia has recently issued a EUR 135 million 7-year bond and a EUR 105 million 10-year bond to fund its international expansion and foray into the private rental sector.
The deal was brokered by Tony Haran, Midlands Head of Residential Investment and Build to Rent expert in CBRE’s residential team. He advised Cordia on their first UK residential acquisition, following an initial fact-finding trip to the city.
Tibor Földi, Chairman of the Board of Cordia, said: “Our goal is to become one of the leading and most diversified residential development groups in Europe. The acquisition and recapitalization of Blackswan is not only our debut in the UK, but the latest milestone of our international expansion strategy.”
Gábor Futó, founder and majority owner of Futureal Group said: “The Blackswan team shares the same values Futureal Group was built on: integrity, creativity, perseverance and team spirit. We also share a common desire to build lasting value for the communities we are working in by creating great new buildings, vibrant public spaces, respecting and building on heritage and having the imagination and commitment to pursue transformational urban renewal projects.”
Marcus Hawley, Managing Director and Founder of Blackswan said: “Blackswan's vision has always been to create sustainable places that enable people to live happier, richer and more fulfilling lives. Being part of Cordia will allow us to fulfil that vision by delivering a GBP 550 million pipeline of projects across the West Midlands. We are excited to join the Cordia family as they share our vision of creating new, well-designed places where people want to live, work, play and learn.”
Tony Haran, Midlands Head of Residential Investment and Build to Rent expert in CBRE’s residential team said: “This is a huge vote of confidence in Birmingham’s residential sector and could facilitate the delivery of up to 2,500 new homes in the city by an experienced and well-financed developer. Cordia has big ambitions for the UK and it is a testament to Birmingham’s place on the international investment stage that it has been chosen first, as the stepping stone for their plans.”
Blackswan Property was founded by Marcus Hawley in 2009 and focuses on residential-led mixed-use developments in the West Midlands region. Projects currently include The Lampworks, a 124 home build-to-rent apartment scheme and The Gothic, an ambitious reanimation of listed and heritage buildings which will create a new residential and leisure destination, both located in Birmingham’s Jewellery Quarter, on the edge of Birmingham City Centre.
About Blackswan Property
As an ambitious Birmingham-based real estate development business, Blackswan Property are placemakers who seek to combine innovative and aspirational design practices with the benefits of scale and familiarity to create unique buildings and places in and around Birmingham. Blackswan Property has a pipeline of approximately £550 million in GDV, comprising 1,800 homes, as well as 360,000 sq.ft space for commercial uses across the West Midlands and is actively looking for new sites across the region.
Cordia is one of the largest residential real estate development and investment corporate group in the Central and Eastern European region with a strong and well-known brand and presence in the mid- and mid-to-high segments of the for-sale market in Hungary, in Poland, Romania, while also undertaking a pilot project in Spain. Cordia Group has a 20 years track record and is proud bearer of multiple international awards, including: “ULI Global Awards for Excellence” from ULI, “Best Mixed Use Project in Europe” International Property Awards, Bloomberg TV, The New York Times, “Best Purpose Built Project Worldwide” by International Real Estate Federation (FIABCI)”
CBRE offers a range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. With over 100 professionals based in our Birmingham office, we provide a range of service lines across the Midlands, acting on behalf of a broad range of occupiers and owners.