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Appeninn GLA up 47% in 2018

The gross leasable area (GLA) of listed holding company Appeninnʼs commercial property portfolio grew 47% to 93,000 square meters last year, as the number of its properties rose from 18 to 41, Appeninn told Hungarian news agency MTI on Tuesday.

Among the properties acquired in 2018, Appeninn cited as examples the 18 retail properties purchased for EUR 14.5 million from Erste Fund Management. These are leased by supermarket chain Spar Magyarország.

Appeninn also purchased a 75% holding in PRO-MUT Hungária, thereby acquiring indirect ownership of a 37-hectare area of Club Aliga at Lake Balaton and asset management rights to the remaining 10 hectares of the property for EUR 14.1 mln. This transaction was closed on January 28, 2019.

Expansion of the Budapest office property market, retail sales growth and a favorable financing environment offer Appeninn a great opportunity to create a profitable property portfolio in the long term, said CEO Gábor Tomcsányi.

Appeninn is controlled through the Konzum Group by the investor Lőrinc Mészáros, a close ally of Prime Minister Viktor Orbán who has grown to become Hungaryʼs richest man with interests in a wide range of industries. István Tiborcz, son-in-law of the prime minister, also controls a stake of 20.29% through his company BDPST Zrt.