Founded by Sándor Demján in 1996, Gránit Pólus Group continues its operations under the name DEVO Group from 30 September 2026. The name change marks a new stage in the company's development: the group, known primarily for its property developments and operations, has become one of Hungary's largest privately owned investment conglomerates. Years of deliberate consolidation, portfolio building and initiatives exploring new business opportunities have produced an asset management and capital investment company with a diversified portfolio, strengthening its presence in several growing sectors.
DEVO is expanding its activities on the knowledge and experience it has gained over more than thirty years, primarily in real estate and urban development. Its history includes developments that shape Budapest's cityscape, such as Westend, the largest shopping centre in Hungary and the region since its opening, and Müpa Budapest, a defining institution of Hungarian cultural life. Building on this legacy, DEVO is starting the next chapter of its history: while it continues to manage its existing assets as a responsible owner and with due care, it looks at investment opportunities in Hungary with renewed ambition, regardless of their industry or economic profile.
Eight business areas, a broader investment focus
DEVO's activities are built on eight business areas: retail property management, residential development, industrial property utilisation, the film industry, proptech, airport operations, security services and capital investments. The group will now develop these areas, which previously operated independently, along a single strategy under shared management.
“DEVO builds on the experience we have gained as an asset manager and property developer, and we will put this knowledge to work in new areas too. A diversified portfolio allows more balanced operations in a changing property market, while also opening the way to new business opportunities. We are openly looking for every investment opportunity in which we see long-term value, whether it is connected to the real estate sector or lies outside it. Our goal is to build on our newest investment business area and soon become one of the leading private equity players in the Hungarian market,” said András Vogel, owner of DEVO Group. “Above all, from Sándor Demján's legacy we carry forward long-term thinking and a commitment to creating value that serves the development of the whole country.”
Retail property management will continue to play a central role, increasingly complemented by proptech: technological and digital innovation in running buildings. At Westend, for example, the company relies on an advanced building management system that helps reduce both energy use and operating costs. The company's Innovation Centre works with several leading European proptech start-ups on IoT- and AI-based solutions that improve the visitor experience and the service to tenants. Linked to the real estate sector, residential development and industrial property utilisation also appear in the portfolio as separate areas.
The group's film industry interests are represented by Korda Studios in Etyek, and airport operations are built on Tököl Airport. Both continue as separate business areas with their own development plans. In security services, the group guards and secures its own properties and also serves clients on the market.
Capital investments form another separate business area, bringing together the new projects and interests through which DEVO extends its presence beyond the traditional property market. Venture capital and private equity investment play a key role in the company's growth strategy.
“DEVO is expanding its portfolio by following economic trends and changing social needs, relying on its stable financial background. Whatever field we enter, our principle stays the same: we want to create long-term value, taking sustainability into account and in dialogue with our stakeholders. The partnerships we have built over the past decades will continue to play a decisive role in this,” said Miklós Gyertyánfy, CEO of DEVO Group, on the announcement.
