Asset manager calls tenders for real estate appraisal, due diligence
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.
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.