State Reacquires Historic Budapest Department Store
- 29 Oct 2015 8:00 AM
The state has reacquired Paris Department Store, a historic Art Nouveau-style building in the centre of Budapest, news portal napi.hu reported. The state has exercised its preemption right for the property through MFB-Ingatlanfejlesztő, the property development unit of the state-owned development bank MFB, the Prime Minister’s Office’s press department told napi.hu.
The company purchased the building from a bankruptcy agreement on June 9, they added.
The purchase price has not been revealed. MFBI will continue operating the property based on the lease contracts in effect, the Prime Minister’s Office added.
The 5,700sqm building was first opened in 1882 and started operating as a department store in 1911.
It was nationalised after WWII and reopened in 1958 under the name Divatcsarnok.
The department store was closed in 1999 and was purchased and renovated in 2005 by the Orco Property Group.
It currently houses offices and a bookstore.
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