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BIF to set up joint venture with Spain's Grupo Lar

Property developer BIF Rt has signed an agreement to set up a joint venture with the local unit of Spanish peer Grupo Lar. The joint venture will be called LAR BIF and will have registered capital of Ft 3 million, BIF announced on the website of the Budapest Stock Exchange on Friday.
The company also announced it has sold 100% of its Croatian unit Budapesti Ingatlan doo for Ft 670,000, the unit's nominal value, to the US's Sheriton International LLC.