Appeninn Nyrt.'s real estate rental income increased from EUR 4.9 million to EUR 7 million, or by more than HUF 2.2 billion last year. The company, which is listed in the Premium category of the Budapest Stock Exchange, posted earnings before interest, tax, depreciation and amortisation - EBITDA - of more than EUR 19 million (over HUF 6 billion). During the year, the real estate investment and asset management company embarked on a dynamic growth strategy, acquiring several premium office buildings in Budapest and retail units across the country.

Appeninn Vagyonkezelő Holding Nyrt., a company listed on the Budapest Stock Exchange and included in the BUX index, has published its financial results for the 2018 financial year. The real estate investment and asset management company, which is a dominant player in the Hungarian commercial real estate market, saw a strong increase in rental income last year, reaching €7 million, or more than HUF 2.2 billion, up 42 percent from €4.9 million at the end of 2017.

Appeninn's EBITDA, i.e. earnings before interest, taxes, depreciation and amortisation, reached EUR 19 million in 2018, mainly due to the increase in the value of the real estate assets managed by the company, including new property acquisitions, more favourable utilisation and rental arrangements for the company and a supportive market environment. Asset value per share has thus increased from EUR 0.79 to EUR 1.31, providing a solid basis for further growth of the company.

Last year, the company's real estate portfolio grew significantly: the number of properties owned by Appeninn increased from 18 to 41, and the gross lettable area increased one and a half times, from 63 thousand to 93 thousand square metres. This growth is mainly due to the acquisition of prime Budapest Grade A office space with excellent facilities and a high level of service, retail units and self-development space across the country.

In 2018, Appeninn also acquired the Ü48 Corner Center, the Üllői út headquarters of Takarék Kereskedelmi Bank (formerly FHB Bank) and Andrássy 59 Palace, among others. The total value of the transactions was HUF 4.6 billion and HUF 2.2 billion, respectively. In addition, in August, the company acquired 18 retail units located in the Budapest agglomeration and in rural cities and resorts, which are leased on a long-term basis by SPAR Magyarország Kereskedelmi Kft. The year also saw the start of the HUF 4.5 billion acquisition of Club Aliga in Balatonvilágos, which was completed in January 2019.

Appeninn also presented its strategy for the next five years in June 2018. According to the plan, the company would create a portfolio of properties that would provide investors with significant long-term returns and stable cash flow through dynamic expansion in the coming years, primarily through the acquisition and development of premium Grade A office and retail properties.

According to the CEO of Appeninn Plc, in 2018 the company met and in several cases exceeded the time-bound targets set in its five-year strategy. With the quantitative and qualitative development of our real estate portfolio, Appeninn has become a stable company with strong growth potential. The expert believes that in 2019, the company will be able to continue building on a favourable market environment and on the company's strengths and expertise.