Cordia International 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 €614m project pipeline across the West Midlands. The company’s latest deal 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 purchase price was not disclosed.
Tibor Foldi, 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.”
Gabor Futo, 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 the 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 €614m 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.”