The €22m Budapest airport deal that stalled on takeoff

The €22m Budapest airport deal that stalled on takeoff
Budapest: a site in the Hungarian capital looked like easy pickings for a group of Irish investors before harsh reality intervened

A plan to build Air Park City, an office, hotel and logistics hub near Budapest’s main airport has been beset by problems, with 160 Irish investors now caught between a rock and a hard place

On February 6, 2016, about 40 weary investors in a Hungarian property syndicate turned up for a meeting in the Red Cow Hotel on the outskirts of Dublin. A decade after 160 Irish investors had put more than €22 million into a strategic site near Ferihegy airport in Budapest, things were finally moving. Most of the site had been designated a strategic area for development in Hungary, and a deal had at last been done with a local bank which had been threatening to derail their plans.

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