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Israeli tycoon expands investment in Hungary

Yuli Ofer, an Israeli Tycoon and the controlling shareholder of Inventech announced recently that Inventech will invest money in Peter Csifák‘s “Main Street Project” in Budapest inner city, an Israeli business news paper, Globes reported.

Inventech signed a deal to buy a fifth property on Vörösmarty square in the heart of the Hungarian capital. Inventech and its local partner will build a hotel, commercial, and office complex in Budapest's 5th District at a total investment of €190 million.

Inventech will invest €6.9 million and own 25% of the project. Its partner is Csipák Acquisition, owned by president and Péter Csipak. “I know the developer and his capabilities personally, and subject to obtaining all the necessary guarantees, I think that there is no similar project to this one, or a project more suited for investment in the downtown area of any major city in Europe today,” Globes cited Yuli Ofer.  

Ofer built Duna Plaza, the first shopping mall in Budapest in the beginning of the 1990s and his company CEE also owns Hotel Meridian in Budapest. (BBJ)