Porto Investment Hungary said on Thursday it has signed a EUR 29 mln facility agreement with MKB Bank Zrt for the redevelopment of the Kozraktar complex in Budapest. The company, which was awarded the project in a public-private partnership (PPP) with the city of Budapest, expects construction to start in late spring 2008, with completion planned for the end of 2009.
Porto Investment Hungary said on Thursday it has signed a EUR 29 mln facility agreement with MKB Bank Zrt for the redevelopment of the Kozraktar complex in Budapest. The company, which was awarded the project in a public-private partnership (PPP) with the city of Budapest, expects construction to start in late spring 2008, with completion planned for the end of 2009.
'The execution of this facility agreement represents a very important step forward in our programme for the design, refurbishment and construction of the new Kozraktar site at the Pest Danube bank', CEO John M. Benfold said.
The Kozraktar complex will provide over 12,000 m2 of cultural, retail and leisure facilities on the site of the former customs clearance warehouses originally built in the late 19th Century. An event hall within the complex will also provide facilities for theatrical productions, concerts, exhibitions, trade shows and conferences. Cushman & Wakefield is the exclusive retail leasing agency for the development.
The design and construction phase of the project will be managed by the Budapest and UK-based developer and project management group, Stratus Project Kft.
