NIL buys Russian barracks in Dist. 18
Monday, December 12, 2005, 09:05
The National Real Estate Development and Apartment Investment (NIL) Rt has purchased an old Russian military barracks site for Ft 1.1 billion, CEO Sándor Seprényi announced. NIL, which is 100% owned by state-owned Hungarian Development Bank (MFB) Rt, bought the real estate at the auction of Dist. 18 local council, Seprényi said. 45% of the 14-hectare site can be built in. NIL, however, plans to carry out environmental remediation on the area, then plans to construct public utilities and infrastructure on the site spending further Ft 750 million on it and will sell the real estate later, Seprényi said.