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Asset manager calls tenders for real estate appraisal, due diligence

Sustainability

The Hungarian Reorganization and Receivables Management Company (MARK), established by the National Bank of Hungary (MNB) last November to buy bad commercial real estate loans and properties from banks, has called European Union tenders for real estate appraisal and due diligence, MARK said today.

MARK called a tender for the delivery of real estate appraisal services over a period of one-and-a-half years within a HUF 588 mln spending framework. The due diligence tender is for a two-year contract worth an estimated HUF 221 mln.

MARK said it wishes to involve independent, external parties with its work assessing the bad loans and properties of banks.

MARK, which is owned by the MNB, will use up to HUF 300 bln to buy bad commercial real estate loans and properties with a book value of HUF 800 bln, the central bank said earlier. It will sell the properties later, at a "fair price", ensuring "optimum management" and "reorganization and restructuring" in the meantime, the MNB said.

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