Budapest, May 3, 2022 – Market Asset Management Zrt.'s subsidiary and Raiffeisen Bank have signed a project financing loan agreement worth more than 65 million euros, i.e. HUF 24 billion, for the implementation of the Bem Center office building and Intercontinental Kimpton Hotel mixed-use real estate development project. Thanks to the Bem tér investment, which will be completed in 2023, the Radetzky barracks will be reborn as a 127-room boutique hotel and an "A" category office building.

The Bem Center office building and the building next to it will offer "A" category office premises, a 127-room, elegant boutique hotel, restaurants, a bar, a cafe, social spaces, a skybar-like roof terrace, an underground garage with 402 spaces, and a day spa according to the current plans. Intercontinental Kimpton Hotel. The complex will be completed by 2023 on Bem Square in Budapest. The subsidiary of Market Asset Management Zrt. and Raiffeisen Bank recently signed a project financing loan agreement worth more than 65 million euros, i.e. HUF 24 billion, for the realization of the hotel and office building.

"The Bem Center investment has reached an important milestone. We managed to obtain the bank funds necessary for the implementation of the international project: on April 12, we signed a loan agreement of more than 65 million euros with Raiffeisen Bank. Market Group and Raiffeisen Bank further strengthen their successful cooperation with this loan transaction," said Sándor Scheer, chairman of the board of Market Asset Management Zrt.

" In connection with Market Asset Management Zrt.'s high-complexity office and hotel investment in the heart of Bel-Buda, I consider it extremely important that, in cooperation with our excellent banking partner, Raiffeisen Bank, we have found the most suitable, customized project financing solution for the project. The contract creates an opportunity for the implementation of the investment according to the schedule, as well as for its mid- to long-term operation, taking the bank guarantee aspects into account as much as possible. Among these, the most important aspect is that after the completion of the investment, the cash flow generated by the office building and hotel will cover the bank's debt service with reserves in the prudent manner expected by Raiffeisen Bank. Thank you to Raiffeisen Bank for the honorable new cooperation opportunity! ” added Csaba Horváth, investment and financing director of Market Asset Management Zrt.

The complex, built in the heart of Bel-Buda, will become a special player in the Budapest hotel and office market due to its unique functions and services, as well as its location. The hotel will be operated by the world-famous Kimpton Hotels & Restaurants, whose first hotel in Central Europe and Budapest. The interiors are designed by the world-renowned Amsterdam interior design office Marcel Wanders.