Syma lays cornerstone for Ft 3 bln events centre
Thursday, November 17, 2005, 11:30
Switzerland's Syma will lay the cornerstone for a Ft 3 billion sports and event centre next to Budapest's Puskás Ferenc stadium on Friday. Syma is building the new complex as part of a tender called by the state to rebuild the area around the stadium. Under the contract, Syma will finance the construction, but then rent it out for 30 years, after which the state will purchase it for €1. Syma will pay for 20% of the cost of construction with its own resources and the rest with a 15-year loan. The company will not receive any state subsidies. The company expects to recoup its investment in 8-10 years, managing director of Syma's Hungarian unit András Szántó said.
Syma has selected Arcadom, which built Westend City Centre, the National Theatre and the Palace of Arts, as the general contractor for the project.
The complex, to be completed in spring of 2006, will have a seating capacity for 10,000 spectators. Szanto, who is also deputy-head of the Hungarian Handball
Association, said the sports hall would be suitable for hosting international competitions for all types of indoor and athletic sports. Syma is the world's biggest builder of events facilities.
Syma's Hungarian unit expects revenue of Ft 800 million in 2005. Next
year, it targets revenue of Ft 1.5 billion.