Appeninn Nyrt. has completed the acquisition of a retail portfolio from Polish company Dekada S.A., comprising eleven commercial properties across Poland with a combined leasable area of approximately 53,000 sqm. The portfolio consists of seven retail parks and four shopping centres located in Brodnica, Ciechanów, Grojec, Kraków, Myślenice, Olsztyn, Nowy Targ, Malbork, Sieradz, Skierniewice and Żyrardów. The transaction, valued at over €100 million, was financed through a combination of Appeninn's own funds and debt financing from Austria's Erste Group Bank AG. The exact purchase price has not been disclosed.
The portfolio generates gross rental income of more than €10 million per year. Tenants include international and local retail chains such as Biedronka, Rossmann, Empik, JYSK, Castorama, Action, Apart and Ochnik, with the properties primarily serving everyday shopping needs of local residents.
"The Dekada portfolio acquisition is a significant transaction on the Polish market and a milestone for Appeninn in several respects. It strengthens our geographical diversification, establishes a meaningful retail presence in Poland in a single step, and improves our portfolio's long-term income-generating capacity," said Szűcs Györgyi, chief executive of Appeninn Nyrt. She also noted: "Our strategy announced in 2022 is about purposefully rebuilding Appeninn's portfolio and reinforcing the company's transparent, value-creating operations. Since then, we have consistently invested in Central and Eastern European properties that generate predictable cash flow and thereby strengthen the conditions for dividend payments over the longer term."
The acquisition follows a series of regional transactions that began with the purchase of Wiśniowy Business Park in Warsaw in 2023 and continued with the acquisition of Goodyear's logistics centre in Tarnów in February 2026. With the Dekada portfolio, Appeninn's Polish investments now span three segments, with a combined market value exceeding €170 million. The company has been divesting tourism and development assets as well as lower-yielding properties since 2022 to fund quality-improving acquisitions.
Appeninn has also restructured its organisation and operations during this period. Since 1 July 2024, the company has operated as a regulated real estate investment trust (SZIT) under Hungarian law, subject to statutory requirements on leverage, property valuation and dividend proposals. Rental revenues for the Appeninn group rose from €8 million in 2022 to €23 million in 2025, while equity increased from €83 million to €128 million over the same period. In April 2026, Scope Ratings reaffirmed the company's B+/Stable credit rating, highlighting positive trends in recent years.
