Extra revenues of 800 million at Appeninn

2019
October
31
News

Appeninn Plc., involved in property investment, sold three assets earning a total of HUF 784 million The company, which is listed on the Budapest premium category sold its business share in the industrial property located in Budapest, at Egyenes út 4., the business share in the office at Kelenhegyi út 43., as well as the commercial property in Biatorbágy. The revenues from portfolio cleaning and the successful sales grounds the implementation of the company’s acquisition plans.


Appeninn Vagyonkezelő Holding Plc. announced three successful property sales. In the scope of the largest deal, the company sold a commercial property in Biatorbágy of an area of 5,160 square metres for HUF 396 million. Furthermore, the company made a decision on the sale of its 100% subsidiary, which owns the industrial property of 1,867 square metres in District 14, at Egyenes út 4. This transaction is expected to be completed by the end of the year; the parties set the purchase price at HUF 293 million. Another asset of Appeninn in Budapest was sold for almost HUF 95 million, located in District 11, at Kelenhegyi út 43., which was a smaller share of the office building.

According to Tamás Bernáth, the Chairman and CEO of Appeninn Plc., the revenues coming from the cleaning of the property portfolio and the successful sale and purchase transactions support further growth and acquisition plans. In the near future, following strategic goals, the company also intends to change the assets, which fall outside of the scope of the main focus areas of the business activity into higher category, higher value properties, which generate return, in order to further increase shareholder value.