Appeninn has purchased offices in Buda

2020
January
17
News

The portfolio expansion made by Appeninn Holding in Buda is coming to an end, subsequent to the conclusion of the sale and purchase agreement related to the office building located in District 3. The related purchase intent was expressed by the real estate company in November 2019. The acquisition of the property offering modern office spaces of an area of more than 6,000 square metres expands Appeninn’s portfolio in this category by almost 20%.


The 20% portfolio growth is on its way

BERTEX Property Management Plc., which is a 100% subsidiary of Appeninn Plc., signed a sale and purchase agreement with regard to the office building located in District 3, the intent related to the purchase of which was expressed in November last year by the listed company. In accordance with the agreement, by way of the subsidiary, the ownership of the modern office building located in one of the most frequented areas of Buda, in Montevideo Street was transferred to Appeninn Plc. The office building has a high revenue generating capacity due to its advantageous location, ensuring a stable revenue stream for the Company.

The purchase of the office building contributes to the growth of Appeninn’s portfolio in this segment by almost 20%. The property purchases constitute a key pillar of the growth strategy followed by Appeninn Plc.: this transaction is realised as one of the first elements of this development.

According to Tamás Bernáth, Chairman and CEO of Appeninn, 2020 began with significant acquisitions; the company aims at maintaining this momentum throughout the entire year, further stimulating the acquisition activity, as well as the portfolio cleansing processes related to the sale of the properties falling outside of the scope of the focus areas, already started by the company.