Listed real estate company Appeninn has expanded its logistics portfolio through the purchase of a storage complex in Budapest.
The site is located in the outskirts of the capital at a spot frequented by cargo freight. The newly acquired asset is an 11,921-square-meter plot accommodating a 4,835 sqm building functioning as a warehouse and offices.
“The increasing limitations of freight traffic in Budapest highlight the importance of the so-called city logistics concept, which involves storage and office buildings operating at the same location,” said Gábor Székely, chairman of the board for Appennin Holding.
Appennin has recently launched a campaign of acquisitions to expand its portfolio targeting houses with similar combined functions. Through its logistics subsidiary Appeninn Logisztikai Zrt it acquired a complex in southwest Hungary’s Nagykanizsa last December. The asset accomdates 600 sqm of warehouses and 1,400 sqm of offices. It also purcahsed a peer, Rotux Zrt and through the deal became the owner of further two assets, one in Kecskemét and another in Szentes.
Appennin’s papers are currently being traded in the B basket of the Budapest Stock Exchange but the firm clearly stated that one of the goals of its expansion efforts is to become eligible for a category A listing at the bourse within the year.