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Codic signs contract for €30 mln Budapest office building

The Hungarian unit of Brussels-based property developer Codic International has signed a financing contract with an unnamed Austrian bank for a €30 million office building it is building on Váci ut, one of Budapest's main thoroughfares, Codic Hungary managing director Gabriel Uzgen told journalists.

The financing contract will cover 70% of the cost of the investment, Uzgen said.

In October, Codic said it sold another office building under construction in Budapest to a fund run by Germany's Union Investment Real Estate for €60 million.

Codic has requested a permit for a €18 million - €24 million, 5,000-square-metre office building on Margit körút, on the Buda side of the capital. It has also purchased a plot on Dózsa György út for a €50 million - €60 million, 38,000-square-metre office building. (MTI – Econews)