An unidentified Cyprus-based offshore company has acquired a majority stake in the new headquarters of Hungarian state television network MTV, after Wallis Ingatlan – now known as Wing Zrt – sold two-thirds of Millenium Média Kft, the company that owns the complex, Magyar Hírlap reports, citing a statement by the public service broadcaster’s board of trustees.
According to initial plans, MTV was going to lease the building for €1 million a month for 40 years, but the weak forint is expected to bump up the rent by about Ft 50 million, or roughly €167,000.
Millenium Média spent Ft 151 billion to develop the property, which is located in Buda’s District III.
MTV is currently moving into the building from its long-time headquarters on Pest’s Szabadság tér, which was bought several years ago by Canada’s Tippin Corporation and is slated to be converted into a mixed-use facility.
What kind of idiot signs a Euro 1m/month rental contract for 40 years. They could have bought their own damn building for that kind of money.
Isn’t this what is called a National Scandal ? Its nearly 5 BILLION over the complete term.
The trick is to have so many of these scandal-worthy deals that people can no longer keep up with them. Just when you’re about to get mad, another even bigger “deal” hits the news, and then another, they just keep coming…
‘Tis the 21st Century fashion: It’s crisis-to-crisis, scandal-to-scandal; all the while nobody goes to jail, has to pay anything back. And on the days when there’s nothing else going on, the news-services intersplice mauling, murders, mayhem with the occassional chant of “Change and Hope.”