Budapest Ends Long-Running Dispute With CET Investor

  • 13 Jun 2013 9:01 AM
Budapest Ends Long-Running Dispute With CET Investor
The city of Budapest has reached an out of court settlement with Porto Investment, the financial investor behind the moribund CET (Central European Time) project which has transformed historic warehouses on the Danube in the Ninth District.

The city will pay €6.5 million to the project company and grant the final permits for use of the building, nicknamed “the whale”.

Porto Investment will pay a Ft 380-400 million fine for illegal use of public areas.

The building is planned to be opened as a cultural and shopping centre in October.

Three tenants have signed contracts so far, said Gyula Hutiray of Fidesz, head of the city council’s finance committee.

Two of them, the Budapest Gallery and the second-hand market Csapi, will be relocated to the CET at costs of Ft 262 million and Ft 140 million, respectively.

Source: Hungary Around the Clock

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