Appeninn purchased Estate Pest Office Kft. for HUF 136.5 million, merging that company’s approximately 1,000 sqm of land with its own 3,029 sqm property in Kőbánya, Budapest, according to a press statement sent to the Budapest Business Journal. The purchase is paving the way to the realization of what the company tags a significant property development project.
With the transaction, which Budapest bourse listed Appeninn paid for entirely from its own resources on a HUF 220 rate per share, the company now owns an 8,711 sqm office building situated on a 4,029 sqm plot of land in Budapest’s District X. The aggregation of real estate located in one block creates an excellent opportunity for new investments, possibly even for building a residential property.
At present, the Szent László Téri Szolgáltató Ház is situated on the two sites, with a total area of 8,711 sqm and an occupancy rate of almost 90%, but Appeninn is looking into the possibility of realizing a residential property investment via the aggregation of the two pieces of real estate.