Appeninn Plc. sold VCT78 Ingatlanhasznosító Kft., which owns a car service station on Váci út, through one of its subsidiaries as part of the portfolio streamlining process set out in its business strategy published in 2018. The transaction aims, among other things, to provide Appeninn Nyrt. with funds to finance high-quality office buildings with higher income-generating potential, as well as tourism developments.

As part of its ongoing portfolio streamlining activities, the company has signed a share sale and purchase agreement for another subsidiary owning a property outside the focus area of Appeninn Plc. Under the terms of the transaction, the real estate company, through one of its subsidiaries, acquired VCT78 Ingatlanhasznosító Kft., which owns only the property at 78 Váci út, from AutoWallis Nyrt.

The sale of the company, which owns a 2,700 square metre building on a 6,500 square metre plot, including a car service station and warehouses in the basement, is taking place because the property is outside the focus areas of Appeninn Plc's business strategy published in 2018 and updated earlier this year. The portfolio streamlining is aimed, among other things, at providing Appeninn Plc with funds to finance high-quality office buildings with higher income-generating potential, as well as tourism developments.

The portfolio clean-up is a long process, but the company is making good progress on the path it has started, as evidenced by the agreement signed to sell another of its non-focus assets. Another positive aspect is that the company has reached an agreement with a buyer who values the property offered by Appeninn Plc, so the transaction was beneficial for both parties.