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Landmark Budapest Dept Store to Reopen After HUF 8 bln Renovation

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Photo by Zoltán Balogh/MTI

The Corvin Áruház, an almost 100-year-old department store in the heart of the capital, will re-open, after a HUF 8 billion renovation, at the end of August, an owner of project company Corvin Áruház said on Tuesday.

Viktor Balogh said the department store would be restored to its original condition and renamed Corvin Palace. About half of the 16,000 sqm building will be used for shops and the rest for office space, he added.

Leases on most of the retail space have been signed, while talks are still underway on the majority of the office space, he said.

The project was financed with the owners' own resources and credit from Raiffeisen Bank, he added.

As the safety netting around the building's restored facade was removed on Tuesday, District VIII mayor András Pikó acknowledged Corvin Áruház's owners for "rescuing and creating value".

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