"Hungary's state-owned railway company MÁV is to receive net HUF 7.1 billion (EUR 27.4 m) for letting a 16.6-hectare (41-acre) area be the base of Budapest's new government quarter. One third of the sum will be used to reduce the company's massive debt.The entire project, in which a total of eight consortia were cleared to go ahead to the second round, will be located on a 30-hectare site.
MÁV will receive HUF 4.8 bn in cash and the remaining HUF 2.3 bn will be used to decrease the company's debt. In practice this means that the state is putting money from one of its pockets to another.
The new government district is to integrate all government offices in one location, as the cabinet wants to sell its valuable properties scattered around the Inner City and in other parts of Budapest, which are highly expensive to maintain."
Source:
Portfolio Online Financial Journal
28.08.2007