Appeninn plans to quadruple EBITDA by 2022
Holding company Appeninn has published its strategic and business plans for the next five years. It targets major asset growth in office space and retail stores, resulting in EBITDA of EUR 68 million in 2022, compared to the current EUR 15 mln.
According to the business plan posted on the Budapest Stock Exchange website (available in Hungarian), Appeninn forecasts gross asset value to grow to EUR 479 mln by 2020, more than sixfold its value in 2017. The holding plans the acquisition of 69,000 square meters of category "A" office space in the next 2-3 years. Currently it owns more than 82,000 sqms of leasable space.
Appeninn also plans to develop more than 35,000 sqms of category "A" office space in Budapest, and to develop 80-100 retail outlets in Hungary and the region (the latter of which it intends to sell at a return of 6.5-7%) in the next five years.
From 2020, the company plans to pay dividends to shareholders.
Konzum Private Equity holds a 20.59% stake in Appeninn, Konzum Nyrt. 18.70%, Konzum II. Property Investment Fund 13.68%, and OTP Property Investment Fund 5.11%, the bourse website shows.
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