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Article: From rock star to real estate mogul MARKETPLACE by Bloomberg

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International Herald Tribune
Article date:
February 3, 2006
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Copyright

Kristen Schweizer
International Herald Tribune
02-03-2006
Gabor Varszegi, a rock star during the Communist era and now Hungary's fourth-richest man, is turning to real estate after competition crippled earnings at his retail chain.The strategy has revived profit and made shares in his company, Fotex, the best performer last year in the BUX index for the first time since 2000.''We knew that when the country joined the EU we had to change,'' Varszegi, 59, said in an interview at his office at the Fotex Plaza building in Budapest.''So we sold our mass retail activities but kept the real estate.''Fotex has found occupants for 98 percent of 800,000 square meters, or 8.6 million square feet, of ...

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