Al Habtoor Group has expanded its European property portfolio with the acquisition of offices in Hungary.
The conglomerate, based in Dubai, already owns two luxury hotels in the country’s capital city: The Ritz-Carlton, Budapest, and The InterContinental Budapest.
Now it has bought the Rumbach Centre, an office building in the historic part of the city’s financial district.
It also acquired another office complex in the city created from a restored textile mill.
It did not disclose the price or the size of the developments.
“Hungary has a vibrant economy with a rapidly growing office market,” said Khalaf Ahmad Habtoor, the chairman of Al Habtoor Group. “I am happy to build on our other successful ventures in the country.”
The company has expanded from its UAE base in recent years with acquisitions in the UK, Austria and the US.
This year it also bought the Hilton London Wembley and the Hotel Imperial in Vienna.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
POSSIBLE ENGLAND EURO 2020 SQUAD
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