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Canadian tycoon buys Montenegrin coast property Udskriv
tirsdag, 31 oktober 2006

PODGORICA -- Peter Munk on Saturday bought an old ship repair yard in Montenegro, which he will turn into a luxury resort.

Barrick Gold Corp. Chairman Peter Munk signed the agreement to buy the Arsenal repair facility with Montenegrin Prime Minister Milo Đukanović, in the capital Podgorica.

The agreement presents the first major privatization deal for the tiny Adriatic republic since it gained independence in June.

The Canadian mining tycoon acquired the vast repair facility — originally built by the Austro-Hungarian navy in 1889 and a used as a naval base by the former Yugoslavia — for €29 million (US$36 million).

Munk has said he would invest around €106 million (US$133 million) over the next two years — including an environmental clean-up — and create a hotel complex with a yacht marina, shopping malls and other facilities.

Arsenal has 24-hectares and is located on the Adriatic coast, 60 kilometers west of the capital Podgorica.
 

 
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