Leading emerging markets property developer Plaza Centers, in partnership with Hungarian commercial bank MKB Bank, has acquired a further 27% stake in its Dream Island project in Budapest, Hungary, from CP Holdings, a company controlled by Bernard Schreier. Plaza and its 50/50 joint venture partner MKB Bank, a subsidiary of the German Bayerische Landesbank, together previously held 60% in the project and have acquired the additional 27% stake for circa EUR 21.4 mln. The transaction consists of a cash payment of EUR 12 mln and the assumption of EUR 9.4 mln of debt, representing 27% of the project's net debt liability.
Premium subscriber content – please log in to read more or take a free trial.
