Significant portfolio expansion at Appeninn Holding


New, high quality office building entered the portfolio of Appeninn Holding, subsequent to having signed a letter of intent for the purchase of an office building located in District 3, in Budapest. The property market company said that the acquisition of the property offering up-to-date office spaces would expand the company’s portfolio in this category by 20 percent. The acquisition activity targeting the growth of the company and the strengthening of its market position may go on with the property purchase.

Appeninn Plc. signed a letter of intent, in accordance with which an up-to-date office building in District 3 may be transferred to the company. By way of the purchase of the office building located in Montevideo Street, the company’s portfolio in this category will grow by 20 percent.

The property to be purchased is located in one of the most frequented areas of District 3, due to which this high quality property has great revenue generating capability, ensuring stable income for the company.

The acquisition is performed as one of the first elements of the strategic goals of Appeninn Plc. The resources coming from the bond issue of HUF 20.1 billion performed in the scope of the Bond Funding for Growth Scheme on 20 November 2019 have a great significance in the implementation of the acquisition plans. Likewise, the revenue coming from the portfolio cleaning activity, already started, which is related to the sale of properties falling outside of the company’s focus areas will also support the expansion of the high quality property portfolio.

According to Tamás Bernáth, the Chairman and CEO of Appeninn Plc., the property portfolio including up-to-date office buildings owned by Appeninn Plc. grew by almost one-fifth by way of the purchase of the office building. The acquisition further supports the implementation of the company’s plans with regard to the acquisition of more and more high quality properties with great revenue earning capability.