The buildings located in the Sixth District in downtown Budapest will be renovated. The properties have a combined available space of 3,500m2 for office and retail purposes.

The investment will not only generate yields for the future operations of the foundations but will contribute to increasing national assets, the Pallas Athéné Alapítványok said.

The central bank’s six foundations received Ft 266.4 billion in proceeds from the MNB in 2014, the value of which has since remained unchanged.

The foundations and their companies held around Ft 156 billion in government bonds, Ft 21.5 billion in forint deposits and Ft 17 billion in corporate bonds at the end of the first quarter.

The value of property investments stood at Ft 71.3 billion before the latest acquisition.

Source: Hungary Around the Clock

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