Property company Appeninn Holding on Monday said it acquired a 3,000sqm office and residential complex high on Budapest’s exclusive Gellért Hill. Appeninn Holding acquired the complex, which lies on more than half a hectare, as part of a loan conversion agreement with Erste Bank. It will continue to operate the complex. The company said in April that it would convert its stock of loans from Swiss franc into euro under the €30 million framework agreement under preparation with Erste Bank. The agreement would make 70% of its loans euro-based and change the maturity of all of its loans to ten years, thus freeing up resources to build its portfolio, which could be collaterlaised against the credit, Appeninn said at the time. Appeninn will spend €300 million to renovate the Gellért Hill complex, dubbed Villa Montana. Appeninn owns and operates mainly B-category, office, industrial and warehouse space in Budapest and other cities around the country.
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