Hungary’s NBH Comments Luxury Office Building Purchase

  • 28 Aug 2014 9:00 AM
Hungary’s NBH Comments Luxury Office Building Purchase
The National Bank of Hungary (NBH) has purchased the Eiffel Palace office building, located in the centre of Budapest, for EUR 45.3m not including VAT, in order to exploit the advantages from the property investment, the NBH told MTI. The NBH also said the purchase could have a positive effect on the bank’s results.

Before the transaction, a complete due-diligence procedure was conducted and the investment value of the property was determined by auditing firm KPMG based on return calculations, the bank said. The National Bank of Hungary closed last year with profits of 26.3 billion forints.

The central bank’s investments do not constitute a burden on the central budget and thereby for taxpayers, the bank added.

The NBH sent its statement to MTI after opposition alliance Együtt-PM said it is filing a report to the Chief Prosecutor’s Office over suspicion of misappropriation in connection with the purchase of Eiffel Palace.


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Hungarian Central Bank Buys Luxury Downtown Office Building

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