Listed holding company Appeninn yesterday said it had agreed to acquire 74.99% of Pro-Mot Hungaria, a joint holding of Israeli property developers Shikun + Binui and AFI Group, which owns a resort on Lake Balaton, news agency MTI reported.
Under the agreement, signed on July 25, Appeninn will acquire 37 hectares of lakefront property that comprises Club Aliga, a former resort for officials of the Hungarian Socialist Workerʼs Party, as well as asset management rights for another 10 hectares attached to the resort.
The transaction, which Appeninn is making through its wholly-owned unit Appeninn BLT, is expected to be closed by December 20, 2018.
Pro-Mot Hungaria acquired ownership of the resort and management rights for 49 years for the attached properties from the Asset Directorate of the State Treasury in 2007, public records show.
Appeninn is controlled by the investor Lőrinc Mészáros, a close ally of Prime Minister Viktor Orbán and until this year the mayor of the PMʼs home village. The company says it plans to reach a four-times higher profit by 2022 compared to the current level.
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