Hungarian Ablon proceeds with Airport City project despite residential halt

Newsroom 09/03/2009 | 16:34

Airport City is designed to provide offices and mixed-use facilities totaling 266,000 sqm, on a plot of 13.3 hectares located near Bucharest's Henri Coanda International Airport. The first phase is expected to provide buildings from 15,000 to 50,000 sqm.
In February, Ablon Group, with gross assets of EUR 593 million, announced its intention to put on hold all its developments in Romania until a general improvement on the market, and said it would pursue only three projects in Budapest and Prague.
“In the current economic climate, the board believes it is in the interests of the shareholders to put a hold on our development projects. Until the time comes that credit lines from the banks are reinstated, we will only undertake minor refurbishment and design projects,” said Dennis Twining, chairman of Ablon, last month.
On the Romanian market, the developer previously announced the halting of work at one of its residential projects in Bucharest, Sunset Residences in the Drumul Taberei area.
The residential compound was initially estimated to require a EUR 200 million investment, with a market value calculated at EUR 300 million last year.
Magda Purice

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