Carpathian unloads Hungarian retail

UPDATE (see end of post)

As long as we’re on the subject of Carpathian (which you’ll remember was formerly Dawnay Day Carpathian), the investor has reportedly given up four Hungarian retail plazas in the regional cities of Pécs, Veszprém, Sopron and Szombathely in an effort to tackle arrears of €40m with MKB Bank.

The business daily Napi Gazdaság reported Monday (in Hungarian) that neither the investor nor the bank would comment on the rumor, so it’s not immediately clear whether the bank has simply foreclosed. Insiders comment that similar developments could be on the way. (English article, subscription required).

UPDATE: Apparently, the rumors Napi Gazdaság published earlier in the week were just that: rumors. In a follow-up article (in Hungarian), Carpathian denies having given up control of the four centers. Still, one can’t help but wonder about the old adage concerning smoke and fire.


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