Appeninn Holding increases subsidiary’s capital
Appeninn Vagyonkezelő Holding Nyrt., a Budapest Stock Exchange-listed real estate investment company founded in 2009, has increased the capital of its subsidiary, Appeninn E-Office Zrt., by HUF 2.8 billion in order to increase the company’s efficiency, according to a press statement sent to the Budapest Business Journal today.
Appeninn E-Office Zrt., which oversees 63% of Appeninn Holding’s real estate portfolio, “will become financially more solid, facilitating the implementation of new real estate projects, while its profitability significantly increases due to the windup of the interest burden paid on the member loan of the parent company,” the statement said.
Appeninn Holding deals specifically with low-cost assets that can be obtained with the promise of yielding high interest. Its most recent acquisition was made at the beginning of February, when it purchased a 3,200 square-meter “B”-category office building with an occupancy rate of 95% in the Zugló district of Budapest.
According to the company, it has a total of more than 55,000 sqm in properties in Budapest and the countryside, and closed the 2015 fiscal year with revenue of EUR 4.6 million from leasing activities, with a net income of EUR 1.2 mln.
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