In the first half of 2024, Appeninn Nyrt. increased its revenue by more than 30 percent to EUR 11,816 million compared to the same period last year. Its EBITDA for the first six months amounted to €7,511 million, according to the first half-year report of the listed company released today. The significant increase is mainly due to the successful integration of acquisitions made during 2023, but the result was also driven by the increased profitability of the rental business and the operational cost efficiency programme previously implemented at the company. 

In the first half of 2024, the Appeninn Group (Appeninn), retaining its office and retail real estate portfolio, achieved significant growth compared to the first six months of last year, by integrating acquisitions completed in 2022-23. Revenues of €11,816 million realised between January and June are up by €301T3T and direct coverage by around €501T3T year-on-year.

"The real estate portfolio, restructured in 2022-23 in line with the new business strategy, is performing in line with our expectations and has put Appeninn on a clear growth path, as reflected in the numbers. We will continue to look for investment targets with the right potential at home and in the region, while continuously optimising our existing asset portfolio. We have a substantial cash position to finance new acquisitions and funds available on favourable terms."

According to the CEO, in addition to the asset restructuring, the transformation into a regulated real estate investment trust (REIT), which was set as a strategic goal two years ago, was also achieved in 2024: Appeninn was registered as a regulated real estate investment pre-company with effect from 1 January 2024 and was granted REIT status on 1 July.

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