St. Petersburg Ends Hungarian Property Developer TriGránit Contract

  • 15 May 2012 9:00 AM
St. Petersburg Ends Hungarian Property Developer TriGránit Contract
The mayor of Saint Petersburg has cancelled a 2011 contract between the city and Hungarian property developer TriGránit on building a cultural centre in the city, Napi Gazdaság reports. The city does not intend to pay compensation for the cancelled project of about $600 million, the daily added.

“The city rejected the private public partnership construction, not the project itself, as it has concerning other projects in St. Petersburg,” deputy chairman György Kézdy of the Demján group, owner of TriGránit said on Monday. “Thus TriGránit is still ready to build the centre, if asked to do so and proper finances are available,” he added.

Source: Hungary Around the Clock

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