Millenia forms partnership with US property fund
MIL Equity Partners, a US-based fund which invests in commercial properties in Central and Eastern Europe, announced on Thursday it signed a partnership and joint venture agreement with Millenia Zrt, a Hungarian real estate development and property management company. Millenia is a strategic partner of Colliers International Hungary Kft, which is also a partner in the fund.
Under the terms of the agreement, Millenia will manage properties purchased by the fund. It will also provide general contracting services and organize subcontractors. Millenia will also invest 10% of the entire cost of any mutually agreed real estate developments (to be worth at least €3 million apiece) and it will offer its project management services and technical supervision for some of the fund's investments.
MIL said in June it signed an agreement with Colliers International Hungary, under which the brokerage will guide the strategic direction of the fund, assist MIL in assessing the market as well as potential acquisitions, provide for the management of the properties and help MIL form partnerships with real estate developers.
ADVERTISEMENT
Households Make Net Withdrawals in April
Parl't Approves Amendments to Legislation on Judiciary
Wizz Air Participates in USD 50 mln Investment
Tourism Nights Slightly up in April 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
