Signs Ljubljana passenger terminal back on track


OTP is about to close the purchase of companies set up specifically for the project, called special purpose vehicles, which own the land that is designated for the commercial part of the project, Siol reported.

These companies are currently owned by real estate developer Granit-Plus, which was founded by the managers of the original investor in the project, the Hungarian developer Trigranit.

Emonika is slated as a large development comprising a bus and train terminal adjacent to the central Ljubljana train station, complete with a large commercial segment for offices, retail and entertainment.

The project was first presented to the public in 2007 but hit repeated snags due to the economic and financial crisis, leading to disputes between the commercial investor and the developer of the passenger terminal, the state-owned rail company Slovenske Železnice.

Both companies held stakes in the special purpose vehicles and they held joint title to the land set aside for the project, which is owned by Slovenske Železnice.

According to Siol, the biggest dispute was resolved at the end of last year, when it was agreed that the ownership stakes would be unwound so that the commercial investors become sole owners of the special purpose vehicles in return for Slovenske Železnice getting back the title to the entire plot designated for the development.

Slovenske Železnice chairman Dušan Mes confirmed for Siol that the dispute had been resolved but would not disclose the details of the solution.

Siol also points out that OTP has a close relationship with the developer Granit-Plus, with the OTP chairman Sandor Csanyi, a millionaire friend of Hungarian Prime Minister Viktor Orban, holding a minority stake in Granit-Plus.