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Gestesa to construct €30 mln office building in Budapest

Spanish property developer Gestesa laid the cornerstone of a €30 million ($46.9 million) office building near Budapest’s Keleti Station on Wednesday.

The 27,000-square-meters building, to be build by Hungarian company KIPSZER, will be completed by the end of 2009. Gestesa earlier said it will cover one-quarter of the costs with its own resources and the rest from bank loans. Gestesa group head Javier Heredia Martinez said, they will soon start their second Hungarian project in Budakalász, near Budapest, where they will build houses.

Gestesa is already present in the region in Poland as well as Hungary, and it aims to enter the market in Slovakia and Romania. (MTI-Econews)