The National Asset Management Company (MNV) said that any pre-emption right may only be exercised if the party that holds such a right fulfills all of the conditions in a purchase agreement signed on January 16 by MNV, on behalf of the state of Hungary, and the buyer, UAE developer Eagle Hills Hungary, MNV said.
On Tuesday, Budapest Mayor Gergely Karácsony said the city’s utilities company would exercise its pre-emption right for the derelict area which is set to undergo a major rehabilitation.
In a message posted on social media on Wednesday, National Economy Minister Márton Nagy said the capital could not exercise its pre-emption right because of the UAE’s right to designate the buyer and called out the mayor for “political agitation”.
He added that the mayor might see the benefits of the rehabilitation project in terms of job creation, the boon for the construction sector, and the power to draw tourists, if he would look beyond “the goals of party politics and his own political survival”.
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