Appeninn Holding has added a new high-quality office building to its portfolio after signing a letter of intent to acquire an office building in the third district of Budapest. According to the real estate company, the acquisition of the property, which offers modern office space, will increase the company's portfolio in this category by around 20 percent. The acquisition will allow the real estate company to continue its acquisition activities aimed at growth and strengthening its market position.

Appeninn Nyrt. has signed a letter of intent to acquire a modern office building in the Third District. The acquisition of the office building on Montevideo Street will increase Appeninn's portfolio in this category by around 20 percent.

The property to be purchased is located in one of the most sought-after areas of the third district, which means that the quality of the property has significant revenue-generating potential, providing the company with a stable income.

The acquisition is one of the first elements of Appeninn Plc's strategic objectives. The proceeds of the HUF 20.1 billion bond issue completed on 20 November 2019 under the Growth Bond Programme will play a major role in the realisation of the acquisition plans. Likewise, the proceeds from the portfolio clean-up, initiated by the company to sell properties outside the company's focus areas, will also serve to expand the quality real estate portfolio.

According to Tamás Bernáth, Chairman and CEO of Appeninn Nyrt., the acquisition of the office building will increase Appeninn Nyrt.'s portfolio of modern office space by about one fifth. The acquisition will also contribute to the company's plans to acquire more quality properties with high revenue generating capacity.