Consortium of banks to finance purchase, upgrade of public media headquarters

The fund that manages Hungary’s public media has taken a loan of HUF63 billion (210 million) to purchase and upgrade its headquarters and production base on Kunigunda útja, in Budapest’s Óbuda. A consortium made up of four banks will finance the loan. According to a statement from the Media Services and Asset Management Fund (MTVA), a tender for a public procurement loan was won by a consortium consisting of MFB, OTP Bank, KDB Bank and Magyar Takarékszövetkezet Bank, who made a joint offer. According to an agreement signed last summer, MTVA had the opportunity to reacquire the ownership of the production building. The loan is greater than the purchase price, and the extra funds will reportedly be allocated toward modernizing and technological developments, as well as to the amortization of the debts of the public media dating back before 2010.