by Property Forum | Investment

Hungarian bank OTP reportedly plans to purchase the largest real estate project from Gránit Pólus in the Slovenian capital through the acquisition of project development companies, according to local media. The Emonika project, valued at €250 million, would see the construction of 196,000 sqm of office, retail, residential and hotel space.

The original owner of the project in the centre of Ljubljana, which would also include a new railway station and bus terminal, was TriGranit. The three project development companies that control the development area are currently owned by Gránit Pólus in which OTP CEO-Chairman Sándor Csányi is a minority owner.
The project was first announced back in 2007 but it has been postponed repeatedly due to the financial crises and disputes with Slovenian Railways (SŽ). The disputes have since been resolved and SŽ has sold its minority share to Gránit Pólus.
Ljubljana mayor Zoran Jankovic told daily Delo that the city is pleased to see a serious partner such as OTP entering the Emonika project. The Slovenian government plans to spend €64 million on the reorganisation of the train and bus terminals this year, in addition to the local government’s €6.3 million contributions.
OTP Bank is present in a number of regional countries but it hasn’t succeeded in entering Slovenia so far.