Porto Investment Hungary Limited Signs Euro 29 Million Facility Agreement

Mr John M. Benfold, CFO of Porto Investment Hungary Limited says, "The execution of this facility agreement represents a very important step forward in our programme for the design, refurbishment and construction of the new Közraktár site at the Pest Danube bank, which is due to commence in the late spring 2008 and to be completed by end of 2009".

Mr Sándor Végh, General Manager of MKB Bank Zrt says, "MKB Bank is very proud of that it could take part in this very prestigious transaction. This project is an excellent example of a fruitful cooperation between Budapest Municipality and a private partner for refurbishing the Közraktár complex, which structure could be applied in some other similar developments, as well."

The Közraktár complex will provide over 12,000 sq.m. of cultural, retail and leisure facilities on the site of the former customs clearance warehouses originally built in the late XIXth Century. The location will give visitors one of the few opportunities, in Budapest, to enjoy a mix of Budapest culture, stylish restaurants, bars and coffee shops located directly on the waterfront, together with boutiques offering top fashion and specialised merchandise. An Event Hall within the complex will also provide unique and exciting facilities for theatrical productions, concerts, exhibitions, trade shows and conferences. The exclusive retail leasing agency for the development is Cushman & Wakefield.

The design and construction phase of project will be managed by the Budapest and UK based developer and project management group, Stratus Project Kft. Previous Stratus projects include The Premier Outlet Centre, Biatorbagy, the Magnolia Shopping Center, Brasov Romania and various Tesco supermarket developments."

Source: Cushman & Wakefield