PM’s Office Buys Landmark On Budapest Andrássy Avenue
- 31 Oct 2015 8:00 AM
On behalf of the Prime Minister’s Office, state-owned bank MFB has purchased the Paris Department Store, a historic Art Nouveau building on Budapestʼs Andrássy út, for an undisclosed amount, making the “Divatcsarnok” a state-owned property once again, Hungarian online daily napi.hu reported.
According to the daily, the purchase took place this summer on June 9, with the state exercising a preemption right for the property via MFB, and purchasing the building through a bankruptcy agreement. The Prime Minister’s Office told the daily that MFB will operate the property.
The French-style seven-storey building was the first department store in Hungary, opened in 1909, following renovations to transform the casino opened at this location in 1882. It was acquired by the state in 1958 and in 1999 it was closed.
Orco Property Group purchased the property in 2005 and renovated it with an investment of €17 mln, financed by Unicredit, according to napi.hu. The property was reopened in 2009 and currently houses the Alexandra bookstore .
Source: BBJ.hu
Budapest Business Journal is a media partner of XpatLoop.com
LATEST NEWS IN property