Otthon Centrum Acquires Majority Stake in Open House

Hungarian real estate broker firm Otthon Centrum Holding is acquiring a majority stake in Open House franchise and loan brokerage holding company, according to a statement published on the website of the Budapest Stock Exchange (BSE) on Monday.

The transaction will result in a higher quality and more efficient customer service through the utilization of a larger real estate portfolio, the company said, explaining the agreement, which will see the Open House network continue to operate under its own brand with independent management.

The qualified majority influence will be transferred to Otthon Centrum, with the existing owners of Open House as minority shareholders responsible for the operational management of the holding company and their own offices operated as Open House Franchise Partners, the statement said.

Otthon Centrum is listed on the Budapest Stock Exchange with its bonds. According to its latest report, the company achieved revenues of almost HUF 3 billion and a profit after tax of HUF 461 million in the first half of 2021. A year earlier, it closed the same period with HUF 2 billion in revenue and HUF 189 million in profit.