Hungarian company to invest €2bn in Montenegro

TriGránit Development is planning a greenfield investment in Montenegro, which may reach up to 2 billion euros.

Izvor: Budapest Sun

Thursday, 07.09.2006.

09:42

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Hungarian company to invest €2bn in Montenegro

Sándor Demján, the first man of TriGránit, apparently talked about opportunities with Tourism Minister Predrag Nemezić in Podgorica on the last day of August, but no specific details have yet been aired. It is known only that TriGránit is interested in investing in the Budva Riviera and southern Ulcinj areas, where, in cooperation with the country's government, the company intends to construct state-of-the-art top quality facilities that would allow extending the high season to nine months.

The idea is not new: Hungarian state news agency MTI reported that the main shareholders of TriGránit have previously shown interest in Montenegrin investments.

The Rothschild family formerly planned to construct a tourist complex, while Hungarian-born Canadian billionaire Peter Munk offered €3.2m ($4.15m) to purchase a naval station.

TriGránit has implemented developments to the value of €2bn ($2.6bn) in 10 - mostly central and eastern European -countries, since it was established in 1997.

One of its major investments in Hungary has been the West-End Shopping Center in Budapest.

In March, 2006, the company was commissioned to complete a railway station in Belgrade, the so-called Prokop project, worth €200m ($260m), where it also acquired the right to construct a 128,000sqm shopping plaza.

Earlier this summer, Tri-Gránit also launched the construction of a shopping and entertainment plaza in Cluj: the 61,000sqm development costing some €140m ($182m).

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