Amsterdam-registered residential property developer Nanette said it has agreed to purchase a 153,000 m[sup]2[/sup] plot of land about 5 kilometres from the Budapest city centre as it begins work on its ninth project in the Hungarian capital.
Amsterdam-registered residential property developer Nanette said it has agreed to purchase a 153,000 m2 plot of land about 5 kilometres from the Budapest city centre as it begins work on its ninth project in the Hungarian capital.
Through a joint venture with the local municipality, Nanette owns 90% in the project. While a price for the acquisition was not disclosed, Nanette said it has an option to buy out the municipality’s 10% stake once the first stage of the zoning plan has been approved at a price of about HUF 560mln (EUR 2.2mln). While the plot acquired is now designated for public buildings and facilities, Nanette and the municipality are working together to change the plot designation to residential, commercial and hotels.
Nanette said it could not estimate how long it might require to change the zoning designation for the plot. The company said it is designating the plot as an investment property and would invite other partners to participate in the project.
