News

CBS Property appoints new CEO

2010.01.18.

Budapest, January 18, 2010 – The board of directors of CBS Property appointed Lorant Varga as the new CEO of the company. Mr. Varga is replacing John Verpeleti who is stepping down after completing the re-structuring, re-branding and creation of the fundamentals of the company, during the last year. The new CEO has the remit from the shareholders to build on this foundation and change the company from a land owner to a long term successful developer.

Mr. Varga has worked over a decade for ABN AMRO bank in Brazil, The Netherlands, Belgium and Hungary. In 2003 he joined CBRE where he was Managing Director. Lorant Varga then joined Trigranit Development Corporation where he was CEO for almost 3 years.

Vladimir Dlouhy (Chairman of Chayton Capital’s Advisory Board) commented: We are delighted that Mr. Varga has joined the company bringing great management and development skills to CBS Property. We are confident that Mr. Varga will strenghten the company and will build a strong platform for future property developments.

CBS Property is a major landowner in Hungary with nearly 10,000,000 m² of property in strategic locations, mostly in and around the capital city of Budapest. In November 2008, the Chayton Sava Property Fund, part of Chayton Capital, acquired a 74% stake in the Hungarian company Skoglund Holding Zrt in partnership with a subsidiary of Starr International Company Inc. Skoglund was previously owned entirely by investment firm Bankár. In September 2009, the company rebranded to CBS Property.

For further information please contact: Dávid Havas on 802-7300 and at david.havas@cbsproperty.hu

Chayton Capital aims to provide superior returns to investors through opportunistic real estate investments. The firm’s products are created for sophisticated institutional and high net worth investors. The firm’s management team brings substantial real estate, finance and capital markets experience to the investment process. Additionally, active advisory boards and network of local partners extend the group’s regional knowledge and provide critical access to attractive transactions.

Chayton Sava Property Fund is the company’s second major investment fund. The largest markets for the fund include Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Serbia and Slovenia.

Starr International Company, Inc.: Starr International serves as a private financial services holding company that makes investments through direct investments, publicly traded securities and private equity funds with a focus on financial services, real estate, consumer products and services, retail and energy businesses. Starr International has also been approved by Lloyd’s as the owner of Lloyd’s Syndicate in 1919.

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