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Rába, Engel sign contract closing phase of property development

Hungarian vehicle and vehicle parts maker Rába said it signed a contract with Israel's Engel on the closing of the first, HUF 6 billion phase of a joint property development the two companies are undertaking.

The first phase of the project, started in 2005, involved the construction of 352 homes and 19 businesses as well as streets and green areas at Rába's former railway stockyard in the city of Győr (NW Hungary). Raba decided in 2002 to concentrate operations at its base near the Győr airport and convert the railway stockyard into a residential complex.

Engel will pay Rába revenue from sales of property at the site during the year, Rába said. (MTI – Econews)