Budapest ʼWhaleʼ may go on sale for HUF 11 bln

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Budapest City Council will consider a proposal to sell the "Whale" (Bálna), a cultural, recreational and commercial center on the Pest bank of the Danube, for no less than net HUF 11 billion, a proposal on the agenda for a meeting of city leaders scheduled for Wednesday shows, as reported by state news wire MTI.

The proposal had been put on the agenda of a city council meeting in June, but was withdrawn at the last minute, MTI noted. 

The proposal, submitted by Deputy Mayor Gábor Bagdy, noted that the development, dubbed the Whale because of its striking architectural shape, was one of the "most complicated and riskiest" projects the council had taken over from the cityʼs former government in 2010. Contracts on the project put a HUF 31 bln burden on the city budget, the proposal added.

The National Bank of Hungary (MNB) said late in 2015 that it was in talks with the council on buying the Whale and turning it into an education and financial center that would house the central bankʼs visitor center.

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