Luxembourg Fund Gets MTV Building In Budapest
- 5 Aug 2013 9:00 AM
Luxembourg-based Futura Funds Sicav is the new owner of the former MTV headquarters on downtown Szabadság tér, following the bankruptcy of the previous owner. Canadian company Tippin Corp. bought the building from the state in 2006, and leased it to state-run MTV until 2009.
Tippin project company Tozsdepalota Ingatlanfejleszto took a €24 million loan from MKB bank to realise its development plans, which had originally included an upscale retail and office facility.
However, the project company declared bankruptcy in August 2012. As part of the bankruptcy process, MKB assigned the building to the Luxembourg fund, a transfer recently upheld by a court.
Source: Hungary Around the Clock
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