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Appeninn purchases real estate in Kőbánya

Appeninn purchased Estate Pest Office Kft. for HUF 136.5 million, merging that company’s approximately 1,000 sqm of land with its own 3,029 sqm property in Kőbánya, Budapest, according to a press statement sent to the Budapest Business Journal. The purchase is paving the way to the realization of what the company tags a significant property development project.

With the transaction, which Budapest bourse listed Appeninn paid for entirely from its own resources on a HUF 220 rate per share, the company now owns an 8,711 sqm office building situated on a 4,029 sqm plot of land in Budapest’s District X. The aggregation of real estate located in one block creates an excellent opportunity for new investments, possibly even for building a residential property.

At present, the Szent László Téri Szolgáltató Ház is situated on the two sites, with a total area of 8,711 sqm and an occupancy rate of almost 90%, but Appeninn is looking into the possibility of realizing a residential property investment via the aggregation of the two pieces of real estate.