Appeninn purchases office building for HUF 500 mln

Industrial

Appeninn has purchased a 3,403 square-meter new office building with a 90% occupancy rate on Frangepán utca in District 13 of Budapest for nearly HUF 500 million of its own funds, according to a press release sent to the Budapest Business Journal today.

Appeninn Nyrt. says the purchase of the B-category property, via its subsidiary Appen-Retail Kft., corresponds to a yield level of 8%, and the company is planning to handle the ex-post financing of the project later on via a bank loan with 30% self-financing.

The technical status of the building situated on a nearly 2,000 sqm parcel of land is good, and with its occupancy rate at 90%, it fits neatly into Appeninn’s real estate portfolio, says the press release. 

The transaction increases the total area of properties owned by the company, which is listed on the Budapest Stock Exchange in the Premium category, by 6% to 64,000 sqm. The company expects the purchase to further strengthen the position of the firm on the real estate market.

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